However, a lot of mis-sold ppi policies were reported because of various reasons of mis-selling tactics.The Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS) made their studies and investigation about various cases.These cases showed the details on how mis-sold ppi complaints continue to increase everyday.
Among the numerous cases of mis-sold ppi came from customers who have been never advised that the ppi policy offered to them has limited benefits to self-employed. A research and analysis was made by a customer with a small shop as his business. His complaint worried the single premium payment protection insurance that has been offered to him by a salesman of a lending company when he got a personal loan. The sales representative never told him that the insurance plan he got has a limited number of benefits to individuals who were self employed. As he was advised by the sales representatives, he believed that the insurance policy was suitable for him in spite of his status. When he chosen to refund all the premiums he had paid, the insurance company invalidated his claim so he brought his mis-sold ppi complaints to Financial Ombudsman Service.
The Financial Ombudsman Service mentioned that the benefits available to self employed policyholders were only limited, unlike those benefits to staff.Also, for those customers who made redundant by their employers, their benefits had been only accessible if their employer had ceased trading or had been declared insolvent.
In this case submitted by the self-employed policyholder, the financial organization where he took his personal loan obviously knew that he was self-employed.It did not mention to him that the ppi policy might limit the benefits he can get under the agreement.The financial institution had provided him a written summary of the policy but his sheet of paper didn't properly highlighted the limited cover he would obtain from the ppi policy.
Author Resource:
Harry Tomas writes about mis-sold-ppi and other financial products for United Kingdom based business www.PPIClaimsUK.co.uk . He also covers unfair credit card charges and the financial claims niche generally, as well as writing articles on personal finance, house sales, repossession and business finance.
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