Numerous insurance and borrowers have been tempted to opt-out of their financial products for several months. Normally, this would not be possible, but some advisers are promising successful litigation.
Many banks and insurers did not formulate their contracts properly years ago. Small form errors in the right of withdrawal now lead to consumers often complain successfully and thus can get out prematurely.
For some people, such an exit is indeed appealing. Above all, life insurance is a good example of this. Because only a few policyholders actually keep going and get paid at the end all paid-in amounts plus interest. Around half of the policyholders get out in advance – and usually with considerable losses.
A successful lawsuit can avert this very case, ie policyholders are promised to receive exactly the same amounts they once paid or, if necessary, even more.
But that’s not what the financial advisers are concerned with, but the lawyer’s fees, which are then billed to the opposing side. Several law firms are scenting the big business and are therefore rushing ahead in a rush. Whole sales teams are currently being pounded out to persuade insurance and borrowers to mandate.
Who is addressed, should not make a premature decision. First of all, it is important to consider the reasons for which the contract was once concluded. If there is still a need for the actual service (whether insurance or financing), an exit is not necessarily the right choice.
In addition, it is important to examine the financial risk precisely. It should be ensured that there are no costs – and preferably in written form. Not every case is won in court, possibly fall then not only fees, but also court costs back to the plaintiff.