Much is heard in today's world about the concept of PPI mis selling. Also known as credit protection insurance or loan repayment insurance, Payment Protection Insurance, better known as PPI is basically an insurance policy that is aimed towards providing a cover for outstanding debts. PPI acts as an add-on facility that is served along with the loan to cover the borrower against any unforeseen events that may him or her from serving the debt.
Many of the banks and other financial credit providers offer this valuable service that has played a pivotal role in reshaping the state of the lending graph. But, finance has no dearth of fraudulent activities. And in the realm of PPI also the fraudsters have a strong grasp and target the borrowers with PPI mis selling, that instead of helping their credit cover requirements, add much to incept headaches.
The banks and credit providers all over the world have imposed some strict rules that should be religiously followed whenever you are approached by some to take on the facilities of that of a PPI. Notwithstanding these regulations, there are about a whooping two million and over PPI mis selling policies.
While applying to secure a loan if you are told that you will be granted the desired credit only if you avail a PPI herewith, do not hesitate to say a big "No". Whatever reasons that he or she conveys, and how much plausible these appears to you, it is not legal to approve loans on the basis of PPI. Nor they should force you on this. It is the subject matter of the borrowers whether they will go with a PPI or not.
So, now the question arises that what you should do to know if you are being victimized of a PPI mis selling or not. Below given are some questions of which you must draft a suitable answer before committing to any of these PPI policies:
The above set of questionnaire could serve as an indication of a PPI mis selling and if some of the above answers come in "no", you should hold your commitments on it. So, devote some of your valuable time to answer to this checklist that will eventually assist you in terms of securing a perfect one that would be fit your needs to the best. Avail a PPI that seems to be tailor-made just for you and live life tension-free.
Many of the banks and other financial credit providers offer this valuable service that has played a pivotal role in reshaping the state of the lending graph. But, finance has no dearth of fraudulent activities. And in the realm of PPI also the fraudsters have a strong grasp and target the borrowers with PPI mis selling, that instead of helping their credit cover requirements, add much to incept headaches.
The banks and credit providers all over the world have imposed some strict rules that should be religiously followed whenever you are approached by some to take on the facilities of that of a PPI. Notwithstanding these regulations, there are about a whooping two million and over PPI mis selling policies.
While applying to secure a loan if you are told that you will be granted the desired credit only if you avail a PPI herewith, do not hesitate to say a big "No". Whatever reasons that he or she conveys, and how much plausible these appears to you, it is not legal to approve loans on the basis of PPI. Nor they should force you on this. It is the subject matter of the borrowers whether they will go with a PPI or not.
So, now the question arises that what you should do to know if you are being victimized of a PPI mis selling or not. Below given are some questions of which you must draft a suitable answer before committing to any of these PPI policies:
- Has your lender let you know that PPI is optional?
- Are you informed about the exclusions of PPI like already existing health issues?
- PPI offers no coverage for students, unemployed persons, self-employed individuals, part-time employees, and retired peoples. Are you sure that you do not belong to any of these aforesaid categories?
- Most PPI lasts for a time frame of 5 years. Are you well aware of it?
- Are you well informed that the premium you are paying would be adjusted to your loan amount and is subjected to attract interest?
- Has your credit process advisor offered you the 'demands and needs statement' that serves as and information on how a particular PPI is specifically designed to suit your needs perfectly?
The above set of questionnaire could serve as an indication of a PPI mis selling and if some of the above answers come in "no", you should hold your commitments on it. So, devote some of your valuable time to answer to this checklist that will eventually assist you in terms of securing a perfect one that would be fit your needs to the best. Avail a PPI that seems to be tailor-made just for you and live life tension-free.
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