13:50 01 May 2013
As the case for the “as long as it doesn’t affect me” record continues to be played, consumers will still be pick pocketed by financial institutions with PPI fees clauses and conditions while making actions for recourse harder.
Under several pretences of being a mandatory provision to insure repayment of any type of financial transaction, these gremlins make sure that their “institutions” get every last crumb available regardless of the borrower’s situation.
To further add insult to injury to those forced into paying exurbanite fees caused by these misleading pretences, these institutions turned their marketing call to action cases into legalese by imposing statues of limitations on all reclaims, under the additional preteens of being in the best interest to customers.
The financial institutions consider themselves the ark keeping everything afloat in the financial storm, so the imposing of PPI fees will not only plug their holes while shirring up the countries overall financial environment, at the expense of those least able to bear the burden.
And to make matters even worse, these institution attempt to just repackage whole PPI elements into new lending contracts. Agency watchdogs like the Financial Conduct Authority (FCA), Financial Ombudsman (FOS), and Office of Fair Trade (OFT) advise borrowers to:
For those seeking to obtain financing for large purchases such as homes or lines of credit, make sure that if any form of PPI fees is actually necessary, benefits the borrower, and has its own statute of limitations for when the term ends.
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