The financial industry is known for its unscrupulous sales tactics. At each turn, it would try to outwit customers to increase their sales volumes. The start of your defence: being a better-informed consumer. Here are three ways to avoid being mis-sold any financial products.
Read The Terms and Conditions
Before purchasing any kind of insurance policy or taking any form of conditional credit, read the terms and conditions for its use. Don’t be swayed with the retailer’s talk of benefits. You cannot use these benefits if you’re not qualified to receive them as stated in the terms and conditions.
Review Your Credit Score and Financial Capability
You do not need any form of payment protection or financial safety net if you have enough in your savings and a good financial performance. Have your credit score reviewed. If you have an excellent credit rating, it should be enough for banks to consider you as a riskless borrower.
Learn About Your Rights as a Consumer
In case your lender continues to push a certain financial protection before they approve your financing, do not go ahead with the transaction. It is within your consumer rights to avoid any form of financial swindling. In fact, you can report the bank to authorities for complaints if you can record the entire conversation and use it as evidence.