So it looks like my brother is dealing with some crafty organizations that solid him payment protection services for some of his finance agreements without him really knowing what he was getting into.
I tell you, these banks and other loan organizations will do ANYTHING they can to grab even more money out of you while they can get it. It is bad enough you already have to build up credit and leverage their lending for some of the bigger things you may need in life ( like a home or a car ), but to then hit you with fees and interest on upsold products that they did not clearly inform you on is a huge no no in my book. Nothing but pure greed!
What ended up happening to my brother was he was mis-sold the PPI. Looking at this site ( http://www.ppi.com/content/ppi-claims ) their explanation goes like this:
Not being made aware of a PPI policy happens more often than you might expect. Commonly, PPI has been sold ‘as standard’ with several credit products such as mortgages, credit cards and loans, and in some cases, customers have had to ask for PPI to be removed from the financial products. Many sellers have not made it sufficiently clear to consumers that payment protection insurance was included ‘as standard’, and this is what embodies mis-selling. We strongly advise you to check all your financial statements, because you may have a payment protection insurance policy with a credit product without your knowledge, if this is the case, there is a high possibility you could make a claim. At PPI.com, we take mis-selling very seriously and vow to fight on your behalf to prove the bank mis-sold your policy.
So what can you do? Well, my brother is trying to fight it in court. PPI is causing a huge issue right now, especially in the UK and other areas where banks are just ripping people off left and right with these fees and tactics. You can reclaim your money, but your in for a battle if you try to do it alone and without any legal help and this is why my brother and I both researched online and ended up getting him help from http://www.ppi.com/content/ppi-claims.
It is not going to be a huge win financially for him when this is over, but the banks and lenders are getting a huge wake up call from consumers and other agencies on just what they are doing wrong.
Because of this, I routinely go over my own bank statements every month and analyze every single transaction on my credit cards. I use to be worried about ID theft and people using my ID to open up new credit cards and post transactions on my current accounts.. but the real problem is making sure my bank isn’t ripping me off and trying to steal more money from me in fake or misleading PPI products and services!
I will let you know how it goes, but so far it looks like we are in the clear!