In today’s fast-paced world, everyone wants everything as quickly and efficiently as possible. The only problem with this new quicker-is-better way of living is that it opens us up to a host of new vulnerabilities; when we want things faster, and have less time to go about getting them properly, such as credit cards, we often don’t take the necessary measures needed to protect ourselves from credit card company false marketing pitches and schemes. Many companies make promises that sound too good to be true to get you to fill out the application for their products, and once you’ve used the card and realized that their promises were empty, it’s often too late to do anything about the fact that you’ve been sold mis-sold credit cards.PPI Calculator
So you’ve signed up for a new credit card, signed the papers that come along with it and make your first purchase. Then, when you check your statement, you realize that no, your card is not interest-free, low-interest, or anything that the salesman that sold it to you said it would be. So where did you go wrong? What can you do now? What can you do next time to avoid being mis-sold credit cards?

First things first, you need to have a look at the terms and conditions that came along with your credit card. They will tell you exactly what the legal agreement is between you and your credit card provider. If these terms and conditions are in line with what the company is doing now, then too bad, unfortunately the only thing you can do now is cancel your card and close the account. If there is a discrepancy between your agreement and what your company charges you, then let them know they’ve mis-sold credit cards.

In the future, be sure to read the full terms and conditions associated with your credit card before signing anything to avoid being mis-sold credit cards.

It is never an expected feeling to realize that you have been duped into paying monthly payments to the best of your ability. It is similarly not a pleasant feeling to know that you have fallen prey to a money scam. Mis-sold finance can cause variable feelings in different people such as anxiety, depression and severe trauma. There is hope however that cases of mis selling are going down by the day due to involvement of the Financial Services Authority. You can therefore find a way out of any situation that involves mi-sold finances through various routes that have been provided.

A situation that leads you to falling for mis-sold finance deal is when the numerous brokers misguide you through unrealistic offers that only benefit them. It is important for you to consider the details of the plan before you worsen your situation. It is therefore relevant for you to dig deeper into the market to indentify the most appropriate firm to invest in or get counselling.PPI Calculator

Once you have realized that you have been mis-sold finance, it is necessary for you to immediately file a complaint against the involved party to make sure that you are shielded from the consequences. More to this, consultation of the most qualified advisors and counsellors is important for you because it helps you get the best assistance. This is usual and it allows you to get the customized solutions to your mis-sold finance after an analysis has been done on the case.

There are a significant number of companies, counsellors, advisors and solicitors that dedicates its attention to solving your financial issues. Most of these can be found on the internet and they can get working on the case as soon as you let them know of the situation and proper planning is carried out.

It would appear that the worm has turned, and not a moment too soon. Credit card companies, who have had their way with the public for years, are being taken to task for playing fast and loose with the truth. After years of mis-selling Payment Protection Insurance (PPI), credit card companies are being forced to reimburse those consumers of whom they have taken advantage.

Although average claim results in a payment of around £3,500, one woman received compensation for £50,000. The reason she received such a large amount was that on one of her three credit cards she paid PPI premiums for 17 years.PPI Claims

A PPI claim can result from a consumer being lead to believe the insurance was required or it was added to their account without consultation. Many who have paid PPI premiums were unaware that their particular circumstances precluded receiving benefits, such as being self-employed or a pensioner.
Those awarded PPI claims can collect not only the premiums paid but also interest on the money, normally about 8 percent a year. Taxes are not collectable on the reimbursed monies of PPI claims, although the interest is taxable.

Banks, previously forced to pay PPI claims for loans are now faced with PPI claims against their credit card business as well. This is forcing banks to increase the amount of money they set aside for paying future PPI claims. If this is cause for celebration among consumers, many of whom feel that banks desire to be on the hot seat, they are not alone. Claims management companies see this as a boon as well.

According to Mike Dailly, Financial Services Consumer Panel, PPI claims up till now may only have been the tip of the iceberg. “We often think of PPI mis-selling as being loans, but obviously here this is credit cards and it goes back a very long time.” Mr. Dailly further explained that if the matter of PPI mis-selling enters the public consciousness concerning credit cards to the degree it has loans, banks might have to shell out as much as £10 billion.

Consumers across the UK hold debts of various kinds and from various different lenders. They include mortgage loans from banks to purchase property, car finance for the purchase of cars and motor vehicles and even credit card debt used mainly for grocery shopping and payment of bills.

In order to protect themselves against any inability to repay these debts, customers may take out an insurance policy. One such policy is the PPI or payments protection insurance. This type of insurance provides good quality cover for customers with loans or debt or any kind and will make payments on behalf of the policy holder in the event they lose their job, fall sick or other reasons they are unable to repay the loans.

However, banks were selling this insurance cover illegally or against the regulations. This was referred to as a mis-selling and banks were ordered by the courts to compensate all consumers who purchased a wrongly-sold or mis-sold PPI insurance. These claims are now referred to as PPI claims. Any customer who believes they were mis-sold their PPI insurance can file a claim with the UK government and if the claim is approved, it is sent to the relevant bank for compensation.

A mis-sold PPI insurance is one that was sold against procedure. For example, if a customer was coerced, was unaware of the sale or was sold the insurance using false information can file for compensation. This is done by submitting an application for PPI claims. A good claim will consist of a form duly filled with all information submitted and signed by the applicant, a letter to the financial services ombudsman as well as the necessary evidence regarding the mis-selling.

Most PPI claims are being approved with over 95 per cent being approved for payment. Once approved, banks will make payments to the claimants within a 2 week period. An average payout to most consumers is about 3000 pounds sent in the form of a check. PPI reclaims can be filed by any aggrieved resident.

The flood of mis-selling complaints in recent times has been unprecedented. While many people were in reality mis-sold Payment Protection Insurance (PPI) by their bank or by other lending institution and are now looking for ways of claiming back PPI, not all were.

PPI is sold as a guise for various products. So shrewd is the selling techniques played out in its presentation that many do not have a clue about its implication. It has been sold in some cases as a compulsory requirement for the approval of a loan. One will need to show such misrepresentation when claiming back PPI.

The process of claiming back PPI is simple but elaborate because it involves a constant liaison between those affected and the bank over a protracted period. However, it is important to emphasize that proof of how PPI was mis-sold to you is required. Checking the original policy documentation to identify the precise details of your policy is the first step. Then ascertain how appropriate or otherwise the PPI sale was for you under the circumstances at the time is vital.Claims

There are a myriad of companies offering the service for a fee. While it is prudent to seek the services of a specialist to shed light with the legal interpretations, anyone can successfully prepare the various correspondence needed and effectively deal with any hurdles on their own. There are a number of ‘Money Guide’ advisors that are available across the country to help those claiming back PPI at no cost. One can also take up their case with the Financial Ombudsman Service (FOS) to lodge a complaint in case the going hits a snag. This is a free service offered by the government.
Claiming back PPI is not only for those repaying for a loan presently but for others as well that may have finished with such repayments. They will also need to show proof of how the product had indeed been mis-sold to them.

Persons who took out loans or used credit cards in the UK may have been mis-sold Payment Protection Insurance (PPI). PPI is an add-on to the loan and credit card payments. The issue of PPI centers on misrepresentation of the coverage provided. For example, policyholders were told that it would pay if he/she were unemployed up to one year. However, they were not told that previously unemployed persons were not covered, nor were self-employed persons covered. Part time employment was not covered. Another important issue was that of medical coverage. Most often, policyholders were not told that pre-existing conditions were not covered. In addition, students were not covered.PPI Claims

The misuse of ppi dated back to the 1990s and continued throughout the next two decades. An investigation was started in 2004. Nevertheless, PPI continued to be sold using scare tactics during the financial meltdown of 2008-2009. The ppi scandal grew to such proportions that the Financial Services Authority (FSA) stepped in and mandated that banks and financial companies send letters to policyholders who may be entitled to ppi claims. Now, hundreds of thousands of persons are filing ppi claims. Not all person who purchased PPI will receive letters entitling them to file ppi claims.

If you had loan or credit card payments you may be entitled to ppi claims. You must first locate your original loan agreement. That would show if you paid PPI. To confirm this you must write to your bank or loan company demanding your payment record. They must provide this information. If you were mis-sold PPI, you would then write another letter to your bank or loan company demanding a refund of your payments plus interest. In many cases your demand of repayment may be denied or “deadlocked.” This means it is on hold. You can still pursue your ppi claims by requesting the assistance of a Financial Ombudsman. He/she will guide you through the steps required to obtain your repayment. The good news is that eight out of ten ppi claims filed by Financial Ombudsmen are successful.