Tremendous problems are faced by authorities about the issue of mis sold PPI. The authorities are burdened by this issue. Millions of complaints are being entertained by the authorities to ease the tension of the purchasers to the credit and financial companies that are involved in this chaos.
PPI are intended to be used and consumed if there is a default in payment of the purchaser due to some events that are unforeseeable like if the purchaser become very ill and cannot work, Lost his job, the purchaser faced accident and even death.
Mis sold PPI is about 20 million policies sold and gracious ten percent of that number is resolved. Compensation on the claims is pretty hard. Because mis sold PPI claims that become successful depends on how the PPI was sold. It may be sold to the purchaser because the purchaser did not have any option to choose because he was forced to buy the policy. Or the seller or broker intentionally did not tell the purchaser or buyer about the policy being purchased in relation to personal loans and other borrowings. Or the amount of the policy is 16 to 25 percent of the total debt.
The commissions of the brokers are extremely huge. And companies sold PPI to their borrowers recorded 80% of their profit came from the sale of PPI. Most of the sales of the policy are due to the fraudulent action of the brokers that resulted to mis sold PPI. Purchasers that did not know the right thing to do about their mis sold PPI. Good thing there are institutions and persons related to the institutions that help the purchasers in the right track in order to claim their well off compensation. The institutions guide them to do what is right and just compensation for themselves and fight for their claims for their mis sold PPI.
If the purchasers claim are successful and the credit and financial institutions notified the purchaser. The successful PPI claim will be compensated. The purchaser will receive the lump sum amount of the policy and charges and damages filed against them including the interest earned by the policy if the purchaser had already paid all the debt. If not the purchaser will receive the amount in accordance to the months or years paid on a monthly or annual basis. And for the next payment month the debt will be decreased by the corresponding interest rate for the policy earned.
PPI are intended to be used and consumed if there is a default in payment of the purchaser due to some events that are unforeseeable like if the purchaser become very ill and cannot work, Lost his job, the purchaser faced accident and even death.
Mis sold PPI is about 20 million policies sold and gracious ten percent of that number is resolved. Compensation on the claims is pretty hard. Because mis sold PPI claims that become successful depends on how the PPI was sold. It may be sold to the purchaser because the purchaser did not have any option to choose because he was forced to buy the policy. Or the seller or broker intentionally did not tell the purchaser or buyer about the policy being purchased in relation to personal loans and other borrowings. Or the amount of the policy is 16 to 25 percent of the total debt.
The commissions of the brokers are extremely huge. And companies sold PPI to their borrowers recorded 80% of their profit came from the sale of PPI. Most of the sales of the policy are due to the fraudulent action of the brokers that resulted to mis sold PPI. Purchasers that did not know the right thing to do about their mis sold PPI. Good thing there are institutions and persons related to the institutions that help the purchasers in the right track in order to claim their well off compensation. The institutions guide them to do what is right and just compensation for themselves and fight for their claims for their mis sold PPI.
If the purchasers claim are successful and the credit and financial institutions notified the purchaser. The successful PPI claim will be compensated. The purchaser will receive the lump sum amount of the policy and charges and damages filed against them including the interest earned by the policy if the purchaser had already paid all the debt. If not the purchaser will receive the amount in accordance to the months or years paid on a monthly or annual basis. And for the next payment month the debt will be decreased by the corresponding interest rate for the policy earned.