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What does mis-sold mean?

Updated: 4/27/2024
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14y ago

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Mis-sold refers to a situation where a product or service was sold to a person under false pretenses, misleading information, or without the full disclosure of important details that would have affected the person's decision to make the purchase. This can lead to financial losses or harm to the consumer.

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How do you claim mis-sold ppi?

If you have missold PPI then you are entitled to make PPI claim for it. Before making PPI claim you must ensure that you are declared unable to pay installments of PPI. You should also have proper documents associated to PPI claim in order to file claim against it. It is suggested to take help of PPI claim lawyers for success of PPI claim.


What is the misselling of payment protection insurance?

Payment Protection Insurance, also referred to as PPI was introduced in order to help people with credit cards, loans, mortgages etc. Unfortunately, a great many of the policies were missold, frequently by high-pressure tactics. Often, it was sold by persons and entities that were unlicensed to sell it, and the plans themselves may have been issued by unlicensed insurers. If you think that you have been mis-sold payment protection insurance you are best advised to contact your state insurance regulatory authority as a first step.


Is ppi the same as mortgage loanguard?

Hi,Mortgage is a debt instrument where a person takes a loan by pledging some real estate property against it and pays back the loan in installments. However, according to the statistics the problem of missold mortgagecomes almost hand in hand with the usage of mortgage. At the time when mortgages are being sold the brokers does not fully disclose information in front of the customers. And the customers trusting the advice of the brokers sometimes end up buying overly priced mortgages which makes it difficult for them to keep pace with their required installment payments.Payment Protection Insurance (PPI) on the other hand, is a policy which is used to cover debt in case a person becomes unable to earn like if a person dies, looses the job, becomes handicapped or ill. In such circumstances the insurance company will pay for the installments. However, this is not how it happens the insurance companies at times refuse to pay the installments when the borrowers claim. There are also other problems associated with buying this policy; many times borrowers have no idea that they are acquiring PPI policy along with mortgage loans. Also sometimes PPI is forcefully added to the policy and there are also case where buyers are not given full information and they end up buying PPI at higher rate. These are all the problems of missold PPI.Regards,Brett


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