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Digital Currency - Cashless Society and Future of Money

  What can replace cash? Due to lots of innovation in this 21st century, nothing seems impossible around the globe. Reality is in front of us, as money will strip off its tangibility and cryptocurrency will appear out as individual units for virtual exchange. This requirement can be fulfilled with the help of Internet, iPhone or any Android-Gadget. Cashless transactions are practiced globally. Various countries like India, Sweden, and Belgium etc... have taken a back step from paper currency. Sweden has an objective to become the first country in terms of cashless economy. Two years ago, demonetization took place in India and most of the population in Belgium does their payment through cards or mobile phone apps. Even, there is a creation of law to limit the cash transactions up to a certain amount. The capability of digital currency Exchange There is a great opportunity for everyone to invest in tokens. The waves related to Cryptocurrency may give an allowance to receive the tokens w

Understand the Importance Filing PPI Claims

In order to claim your PPI with less hassle, you can always take the help of a Financial Ombudsman Service (FOS). For any individual it becomes quite important to adopt the right and easy process to claim the money back. FOS is an independent body which is formed and governed by the government. The main purpose of setting up of this body was to resolve any sort of grievances between the complainant and financial organizations.

FOS has clearly issued the directions for the businesses pertaining to PPI cases. It also takes appropriate measures to verify whether the buyer actually has the PPI. According to some studies, it is clear that many people purchased PPI without any knowledge. They continued paying the premium amount for many years, without knowing this fact.

If you are already paying for PPI on your personal or any other loans and credit card, then it is an important fact to understand. Don’t mis on any of the information, or else you might end up losing your money. It is recommended to check your bank details on a regular basis, as it will tell you if anything has been deducted from your account, in an unauthorized manner.

Conditions for PPI

One of the main criteria for you to get PPI is the age limit. As per the strategy your age should be between 18 years and 65 years. In case you applied for PPI, while you were less than 18 years then it is a clear case of mis-selling. Also the PPI’s will have upper threshold of age limit. Please check if you have crossed the upper limit of age group or else your policy stands cancelled.

As per the PPI strategies if you are working on a part time assignment or on a contractual basis then you are not eligible to sign for the plan. Most of the financial institutions would not mention this condition to their applicants. In order to avoid any sorts of mis handling of PPIs banks have started to closely identify the applications of members, at the time when they were first applied for the loan amount.

Mis-Selling Cases 

There were few cases, where people were unaware about the PPI component in the financial product they purchase. For instance -if you are applying for a personal loan or buying a brand new car the PPI component would be included in the agreement. Due to lack of knowledge people would simply forget to read the terms and blindly sign for it.

According to the guidelines released by the FOS or Financial Services Authority every bank and financial institutions need to check for the possibilities of situations where clients or borrowers get into dilemmas. All the banks and financial institutions need to give clarifications to the borrowers about the policy and the terms and conditions. At no point they are expected to sell the policy with a wrong intention. Please be informed that about the reclaiming process, and how and when to claim for the same.

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