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Sales representative were quite aggressive with regards to selling this payment protection insurance to their customers. Once a customer seeks their help for a loan application or credit card application, ppi is being offered to them. In some case of mis-sold ppi the customers were given misleading guidance about the payment protection insurance policy. A lot of policyholders who have been claiming they have been mis-sold ppi were claiming that they were never told by their lender of broker that the cost of the ppi policy will be added on to their loan. They were never made aware that they were paying for a mis-sold ppi and when they realized and tried to make a claim, they found out that they were not eligible to make a claim and that the policy cover was completely useless with them.
Mis-sold ppi became quite common due to the act that the banks and lending companies can create a large profit and they can give huge commission to their brokers from selling it. They normally make more money from mis-sold ppi than from the original financial product that the customers required.
The lending company or bank often provides the customer with the documents to approve the payment protection insurance and the payment for it. For the convenience of the client Swell Bottle Canada Wholesale , those fees shall be added on to the loan. The bad thing about this was, sales representative of banks or lending companies failed to explain that all of this was optional and that they could shop around elsewhere to check the best cover that suits them. Sales representative additionally failed to explain to the customers the total cost that they have to pay for the premiums, including the other important information, such as what it covers and what are the criteria in making a claim. Some of the sales representatives intentionally hid all of these to their customers to avoid further questions and discouragements.