Thursday, August 4, 2011

Mis-selling Is Of Payment Protection Insurance

If you've been sold a library card, mortgage or Ireland over the last 6 years, it is advisable to check if you sold payment protection insurance or PPI as it is more commonly known. PPI is designed and sold as an insurance product will cover the insured in case of accident, illness or redundancy. The problem with PPI is not necessarily lie with the coverage it provides, but more with how it was sold.
PPI by law must be sold as an optional insurance and only those who need it, request or receive. The problem we're finding in Ireland, however, is that this is not always the way it was sold, and therefore thousands of consumers may be entitled to recover thousands of premiums sold poorly.
During the lending institutions Celtic Tiger were like machines stock. Churning and spitting in the applications of credit. Most consumers in this period was not to evaluate carefully the fine print terms and conditions associated with different types of credit and therefore have been sold insurance protection payment. The problem with this is that most consumers who bought Payment Protection Insurance that does not understand what it was, what should be covered, and if they really need. In difficult economic times, thousands of consumers across Ireland are now beginning to address these financial contracts and what exactly happened during the sale of payment protection insurance.
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