Over the last decade or so the Financial Service Authority or FSA in the United Kingdom has been looking and pursuing those lending companies that practices unfair issuance of Payment Protection Insurance (PPI).
PPI was at first a great and noble thing. Its purpose was to protect the borrower from being in dept because he or she could not pay for the repayments of a loan in the event of unemployment, serious illnesses, and etc. But, lending companies began to abuse these and made it their cash cow. They began mis selling PPI’s. PPIs are considered mis sold when a consumer is forced to buy it by the lender. It is also considered mis sold if the consumer is not really eligible to get a PPI policy. These and along with other reasons PPIs are considered as mis sold.
Because of the numerous complaints the FSA was alarmed and had to do something. They set new rules and regulations that would regulate this kind of scams and unfair practices. PPI claims have also been on the rise with more than 70% of the PPI sold are considered mis sold.
If you have bought a PPI plan or simply made a loan then you should review all the policies you have and assess all the payments you made. You might not know it but you could possibly be a victim of a mis sold PPI and have to make a PPI claim.
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Getting offered a PPI (Payment Protection Insurance) when you take financial products like mortgages, car loans, and loans in general is quite common. A PPI in a perfect world is supposed to protect you from not being able to pay the repayments of your loan when you are in a situation that prevents you from paying it. But in the real world these PPI’s are too expensive and very unfair to the consumer.
The Financial Service Authority even ruled that most of the creditors and lenders are wrongfully selling PPI policies. The FSA has made measures to combat this unfair business by the lenders by fining them for mis selling PPI policies. Those who have been mis sold a PPI is entitled to a PPI refund.
How do you know that you have been mis sold a PPI policy? It is simple you just have to ask yourself a couple of question. First is, were you aware of the real cost of the policy? And secondly, Did you thought that it was included in the loan? If your answer is no to the first question and yes to the second one then you are most likely eligible to make a PPI refund claim.
Creditors and lenders will try to deny any or all of the claims made against them that is why making a PPI refund successful is not that easy. The best way to make your claim successful is to approach a claim company that would assist you every step of the way.
Payment Protection Insurance Claims is all about the needs to covers a person against any mishap, redundancy, ill health or death. These are certain types of circumstances that may prevent a person from bringing in a salary with the help of which all kinds of debts and credits can be paid off on a regular basis. This type of insurance, generally, covers a lowest settlement against the loan or overdraft for a certain period of time, if necessary criteria are being met. Usually, this period remains for a 1 year. After this, the person must find some other sources to repay the debt because it is one of the most important parts of the PPI Claims. Therefore, loan takers that have met any accident or are ill will only be able to claim PPI back, if they bought such a policy.
This policy is a type of insurance that is traded together with some monetary products like store cards, loans and credit cards. The fundamental idea says that it is proposed to protect the consumer against any situation of emergency when repaying all his or her monthly dues. In fact, it is considered essential for meeting the urgent problems of daily life. People are still being mis sold PPI, and there are still many of them per week, whom are trying to reclaim their PPI premiums. Many customers prefer to work with a specialist in that particular field as they know all the important things one needs to do.