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| The Use of [http://www.ppiclaimco.org PPI Claim] Compensation for PPI Victims UK citizens have the right to make a claim as long as they can prove how they were mis sold. According to the Financial Services Authority, almost everyone in the UK had been mis sold PPI. PPI claiming was established in the year 2011, after the FSA won against the legal challenge of banks pertaining to the PPI claims guidelines. Today, any UK citizen can file a claim flawlessly as banks are obligated to call their customers for a PPI claim and ensure that every UK citizen gets their part of repayments from the £3.2 billion compensation package UK has received. PPI claims is the right of any UK citizen ineligible for PPI. A customer receives mis sold PPI from insurance brokers and bank representatives, who have used abusive sales tactics to ensure that they make a sale to every loan applicant. Profit and an easier way to approve loans was the goal of banks in mis selling PPI. In the early days of PPI mis selling, banks received many loan, mortgage and credit card applications. The presence of PPI allowed them to approve applications at the shortest possible time. The mis selling benefited them greatly in many ways, but it was to the expense of their customers.PPI mis selling happens when an insurance broker or bank representative fails to explain the terms and conditions of the insurance policy to loan owners properly. It is also mis sold when the applicant purchases the PPI believing the insurance broker that the PPI increased the chances of loan application approval or that the [http://www.ppiclaimco.org/claim-back-ppi Claim Back PPI] is part of a loan security requirement. Anybody who purchased PPI on this context has a right to file a PPI claim. According to experts, loan security is always an option. Being profitable, it can never be a requirement. Banks are only to approve loan applications based on the applicant's financial, health and employment status. Most bank representatives mention the PPI as part of a loan security requirement. This led many ineligible customers to believe the insurance broker, purchasing the PPI for the sake of having a safe passage for their loan application. According to experts, loan security is an option, not a requirement. Bank representatives are also reported to mention that PPI increased the chances of loan approval. There are reported cases in which the customers have no idea that they have the insurance that led many to speculate that banks include the insurance without the customer's consent. You will need to prove that you were mis sold PPI to ensure the success of your PPI claim. You must ensure that you have clarified through evidences how your insurance broker or bank representative mis sold the insurance policy. They can mis sell it given the examples above. It is advised that one check their loan repayment receipts or invoices. A miscellaneous item might indicate a PPI repayment disguised as another item name. Be sure to clarify these details with the bank or the insurance company. If no direct answer is given, you can consider the item as mis sold PPI.The mis selling of PPI is indeed one of the biggest problems that UK citizens face nowadays. Definitely, it has cost thousands of damages to each customer mis sold the insurance policy. The only way to receive all the PPI repayments and premiums is through an effective PPI claim. However, it is indeed time consuming to make a [http://www.ppiclaimco.org/ppi-reclaim PPI Reclaim]. It is advised that you work with a claims expert to ensure the success of the claim. Most PPI claims experts work under a no win no fee basis, guaranteeing only positive results or you can get your money back.
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