Mis Sold Ppi And The Credit Card Revolution
Credit card Loans is be defined as "PLASTIC MONEY" as it helps you to spend the money as much as you want but you should remember that this plastic money is a "loan" which you need to return to the bank in an exact time. An indirect definition of these credit cards is that they are a costly way of getting credit because of high interest rates. Now-a-days, it's very easy to take a bank loan as there are numerous numbers of banks and financial institutions who will provide you loan without any documents" But STOP and THINK before taking these loans as you can face so many nuisances.
Yes! Let us introduce one such kind of nuisance which is mis sold PPI. Payment Protection Insurance. PPI covers minimum loans for a definite period and the maximum loans should be paid by the borrower. However the mis sold PPI can't be imposed on anyone. It is optional. But PPI'S are the mis sold policies as the lenders convinces to take a certain policy but it only an additional burden. So, you should always mention the type of plan you are taking. Also, you should know about the policy number, the lenders name, the date when the policy has become active and the payments regarding the PPI's. You should always remember about how you have purchased mis sold PPI - Directly or through a dealer. Keep these points in mind before making any claim. PPI should be sold with all the right and proper details or else it will be a mis-selling. You should be aware of the policy which you are taking and then take PPI.
The lenders aim is to mislead you by selling the policies as it is profitable for them and it will be a loss for you people as the ending amount will be a zero for them. Lenders say that "If you don't choose PPI, then you will not be able to take any loans in future." But this is a false trick of them as they make a large amount of revenue by this. The borrowers pay a huge amount then the required one due to the revenues. Also, you should know about the rate of interest which the bank is providing you. Some banks charge low interest rates in the first 5-6 months and then come to their original form by charging high interest rates. So, check it whether its temporary or permanent rate of interest.
The mistake that most of the people commit is they don't properly check the terms and conditions and the banks take chance of charging an additional amount on them. That's why it's important to recheck all the terms and conditions so that the banks cannot create an unpleasant situation for you. You should always check your doubts so that you can take further step.
Always remember to take suggestions and help from financial expert. The government has also taken step as they have appointed a special team by guiding people to borrow money or not. You can also file a complaint if the lender is misusing your amount. Check all the details of the policy and then go for it.
Yes! Let us introduce one such kind of nuisance which is mis sold PPI. Payment Protection Insurance. PPI covers minimum loans for a definite period and the maximum loans should be paid by the borrower. However the mis sold PPI can't be imposed on anyone. It is optional. But PPI'S are the mis sold policies as the lenders convinces to take a certain policy but it only an additional burden. So, you should always mention the type of plan you are taking. Also, you should know about the policy number, the lenders name, the date when the policy has become active and the payments regarding the PPI's. You should always remember about how you have purchased mis sold PPI - Directly or through a dealer. Keep these points in mind before making any claim. PPI should be sold with all the right and proper details or else it will be a mis-selling. You should be aware of the policy which you are taking and then take PPI.
The lenders aim is to mislead you by selling the policies as it is profitable for them and it will be a loss for you people as the ending amount will be a zero for them. Lenders say that "If you don't choose PPI, then you will not be able to take any loans in future." But this is a false trick of them as they make a large amount of revenue by this. The borrowers pay a huge amount then the required one due to the revenues. Also, you should know about the rate of interest which the bank is providing you. Some banks charge low interest rates in the first 5-6 months and then come to their original form by charging high interest rates. So, check it whether its temporary or permanent rate of interest.
The mistake that most of the people commit is they don't properly check the terms and conditions and the banks take chance of charging an additional amount on them. That's why it's important to recheck all the terms and conditions so that the banks cannot create an unpleasant situation for you. You should always check your doubts so that you can take further step.
Always remember to take suggestions and help from financial expert. The government has also taken step as they have appointed a special team by guiding people to borrow money or not. You can also file a complaint if the lender is misusing your amount. Check all the details of the policy and then go for it.
