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What are you planning for a financial product or a bank refund

By John Harry Subscribe to RSS | March 10th 2012 | Views:
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Is it that you are planning to claim refund from the bank? Are you being persuaded to buy a product to cover your huge sums? According to James Charles in The Sunday Times, the industry has built a reserve of huge sums to meet the claims made by their customers. The banks are persuading their customers to sell some financial products which make no sense for them. Last year, more than one million complaints were registered about payment protection insurance (PPI).

Although, most of the people have not been able to avail it, the sale of payment protection insurance (PPI) has reached its peak level since it was sold as an add-on to 43% of personal loans. And now if you wish to have it, its cost would be added on to your loan with interest. You might also have observed that products like ID theft and card protection insurance recently are being sold to you which finally lead to a higher cost than you are legally liable to pay. Which is why around 75% of complaints about PPI have been put on hold? In another statement, Charles stated that the Financial Services Authority has expressed its concerns about the way insurance products are sold to the customers. It has warned both the customers and banking authorities about this a number of times.

In case you have already bought any of these products and now realize that it is of no use or extra benefits, you must promptly write or ask for a refund. Some people also follow the trend of buying packaged current accounts but often regret later, so again simply write or ask for a return. If you have planned for cash you might think this lucrative. But the promises made by these authorities probably won’t avail you much benefit. Well, when you have successfully received your refund, make a special note of it and never buy such a financial product without proper and enough research about it. Apply with instant personal loans @ http://www.instantcashpersonalloans.co.uk/ and get the desired deals on finance.

In a report the “pension liberation” scheme on the BBC, Paul Lewis highlighted about the new products and scams popping up in the market. It is expected that the report must have made the people aware about these nasty things. Recently when HMRC revealed its findings that you will be charged a tax at 40% which is the standard rate for an unauthorized withdrawal; and in addition to that another 15% on taking more than 25% of the value of the fund. All this will lead to almost no benefit.

John Harry - About Author:
John Harry is expert finance advisor in online marketing finance. He writes for instant personal loans , instant payday loans and instant decision loans

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