PPI or payment protection insurances are basically designed for your assistance to keep up with loan or credit card payments when you are not well or have suffered an accident or during redundancy or in case of death. But there are millions of people who have been missold such good investment deals.
If you think that you have been missold an investment plan, the good news is you can reclaim it. Studies show that the success ratio of reclaim PPI compensation cases is more than 85%. But before you reclaim your missold investment, first you need to find out if you have been missold. Here’s how you can figure it out:
Just Ask Yourself
- You wanted to invest in a low risk fund but the bank representatives invested your money in a high risk plan ignoring your wish?
- Were you told that the value of your investment could not decrease?
- Were you told that the plan is 100% capital secure and that your capital amount is not at risk?
- Was the plan brochure given to you at the time of selling mislead you by stating that you will get 100% of your capital amount back?
- Were you not properly explained about all the risks involved in the plan?
- Did the bank sell you unsuitable financial product ignoring your financial goals?
- Do you face difficulties accessing your money?
- Did the bank representative encourage you to invest your money in long term plans without ensuring that you will have enough money to meet out your short term expenses?
- Do you think that your bank gave you unsuitable and misleading advices?
- Do you think you have been a victim of missold investment bonds?
If your answer to all or most of the fore mentioned questions is YES, then you can reclaim your missold investment. There are chances that you were missold an investment plan without your realization. It is advisable to claim back your investment if you think it was missold to you.
How To Reclaim
To reclaim your missold investment, you will need to go through the following procedure:
1. Collect all the documents related to the plan and make copies of them. Any document that shows payments or that you have taken a policy is relevant to use. Even if you are not sure if a particular document is relevant, make a copy of it anyway.
2. Write a letter to your bank or other organization that sold or missold you the financial plan. You can also download and fill the application form that most of the organizations and banks make available on their official websites.
3. Attach the copies of the relevant documents that you have collected and explain why you think the plan was missold.
4. If you do not get any response from the bank or involved organization within 8 weeks, you can forward your complaint to higher authorities or claim management regulators for proper action.
The claim management companies can help you settle your claims and let you know your rights as a victim of missold investment bonds. Finally we at Missold Investments Bond can help recover your investment bonds on a No Win No Fee basis.