PPI or payment protection insurance is the UK’s biggest financial scandal. Over half the country’s population has an insurance policy they did not need because they were initially disqualified. To avoid losing as much as £3,000 from a mis-sold insurance policy or any other financial product, make sure to follow these three.
Read the Fine Print
Bank employees deceived consumers by telling them PPI was a requirement for the financing. Financial institutions, including banks, can require PPI as a requirement. However, they cannot ask consumers to purchase a particular PPI brand. No institution can require you to purchase a self-branded or specific-branded policy. If banks or any institution asks you to do so, refuse and avoid buying a plagued financial product.
Be Wary of Promotions and Bundled Products
Loan applications that guarantee a high chance of approval are false advertising if they bundle a particular insurance policy with it. Most bundled policies render consumers ineligible. Once again, always read the fine print before even agreeing to the terms of your financing release.
If It’s Too Good To Be True, It Certainly Is
If a financial product that aims to protect or improve a particular financing guarantees an instant approval of your loan application, be wary of the catch. These are arguments bank employees used to mis-sell payment protection insurance policies, and they can still work on unsuspecting customers.