Three Ways to Identify Fraud Similar to Payment Protection Insurance Mis-Selling
The FCA has made it semi-official that PPI direct redress will end by 2018 should its consultation confirm in 2016 that a deadline is necessary. Fair or unfair for consumers, it is what it would be and rather than sulk, preparedness is the key. But after PPI, banks and lenders will still attempt to sell you products and service you don’t need.
How to stay vigilant? Here are three ways!
Full Details Of Your Insurance/Financial Product
Consumers failed to grasp the PPI situation early on when they saw the credit or financing as a need more crucial than any bank employee or broker trickery. The latter ones used this to their advantage. Many customers skipped the payment protection insurance terms and conditions to get the financing they need at the time. Do not make the same mistake.
Bank employees cannot make any type of financing (a pre-sold one before the consumer-desired product) or insurance as a requirement. Claims that buying a financing pre-main product to help boost your credit score are false. Because every consumer situation is unique, banks and lenders cannot make insurance and financial products a requirement for any other premium product.
Bank employees and brokers who exude selling pressure and limited time offers for certain insurance products that they allege will help you get your financing you should stay away from. Again, from tip number 2, no financial or insurance product can be a requirement.