| Banks, Claiming PPI Compensation, HSBC PPI Claim, PPI, PPI Refund

Over the last decade, it has been difficult to ignore the news regarding the PPI scandal that took place. Millions were affected and billions were taken from them in a wrong way.HSBC was one of the major players in the wide scale mis-selling of PPI policies.. The bank received a lot of flak after the scandal unfolded. It received extensive media coverage and massive financial outrage for these practices. They were also attacked by various advertisements and marketing methods in order to raise awareness among people about the nature of PPI and how to claim compensation if the policy was mis-sold. It is now considered as one of the biggest financial scandals to hit the financial and banking sector.

HSBC, along with various other financial institutions have been found guilty for wrongly selling PPI on a large scale, which has resulted in the customers paying for the products they didn’t really need through a PPI policy. If you feel you are one of the customers who has been mis-sold PPI, you should immediately make a claim for compensation.

There are various ways in which you can confirm whether you were mis-sold a PPI policy by HSBC and that you can claim for a compensation. Some of these categories are as follows:

• If you didn’t realise you had a cover – There have been several cases in which people have been paying PPI premiums for years but they are not aware about it. Hence, if you are not aware about any premiums that you are paying, or are deducted from your account, you may be having a mis-sold PPI policy.
• If you were self-employed, unemployed or retired – A PPI policycannot be sold to people who are self-employed, unemployed or retired. The policy is only supposed to be sold to active earners who are employed in a separate organisation. Thus, if you were sold a policy in spite of the lender knowing about your work profile (or the fact that you are unemployed), you have been mis-sold the policy.

• If you were explained the policy wrongly – In several cases the lenders explain the clauses of the policy wrongly. They highlight the lucrative parts and hide the parts that can make the buyer think before buying the policy, such as paying regular premiums and commission. This is how they are tricked into the purchase of PPI. Thus, if you discover that you have a PPI policy and you are not fully aware of the clauses present in it (or were not explained correctly), you have been mis-sold the policy and you stand a chance to claim your funds back.

Hence, you should be smart and vigilant about the policies that you hold and you should keep checking the provisions, benefits and expenses relating to the same. If you feel there is something wrong with is, immediately approach the bank and claim for a refund.

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