How Can Payment Protection Insurance Misselling Advice Help You?

By Author: Kirthy Shetty
Total Articles: 2541
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You might have not heard of a term ‘misselling' of a policy. Many a times you would have been a victim but are unaware that you have fallen a prey into a cunning sales man's hands. While payment protection insurance is formed in order to help consumers to protect their loan payments, it can be a nightmare to those who have signed up for it unknowingly. They may find it difficult to meet up both the loan as well as loan protection policy premiums.

It is used to protect your loan payments when you are out of work such as sickness or involuntary unemployment, which may lead to an interruption in your income. But the same will not be entertained by a consumer if he is unable to pay the high insurance premiums along with the monthly loan payments. You may end up paying a significant amount more towards your insurance and would want to go in for a mis-selling of your policy. Reach out for advice or assistance on how to claim back your money in such policies. In order to make a rightful claim you must first prove that you have been cheated to fall under the bracket of policy mis-selling.

Under what circumstances ...
... can you consider a compensation?

Firstly, when you are made to believe that it is compulsory to take a payment protection policy along with your loan.

Secondly, making a consumer believe that a loan will not be approved if a payment protection is not obtained.

Thirdly, getting these policy papers signed along with your loan processing papers without you being aware of it.

Fourthly, you are unaware of the insurance premiums and other things related to the policy and are made to sign.

It is usually:

an expensive insurance protection sold to you by a lender or insurance providers
it is cheaper else where or
it is not necessary to you and is still sold without understanding your needs, claim can be made.

Such policies are expensive and hence a sales agent will cheat you into signing them as he can earn greater profits. A good example of selling a claim when it is not necessary to you and is still sold without understanding your need is, you are unemployed, retired and self-employed person and you are sold the policy without any information on how it will help you. You should be aware that such a policy protects the payment of only salaried person who is out of work due to loss of job, sickness or accident.

Kirty Shetty, author in Insurance domains. Get all your free tips related to: Income Protection for Unemployment

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