Ppi claims The PPI Scandal
Wednesday, October 6, 2010 8:14:22 PM
PPI Loan Protection is a form of Payment Protection Insurance and goes under other names such as Insurance and Payment Care. Essentially, what it does is provide protection to the borrower against any unexpected change in circumstance which has rendered the borrower unable to make payments on their loan.
PPI has caused a mass of problems, however. Millions of people across the UK have been sold this policy when in no way should they have been qualified or in some cases, were not even aware of. They have been sold to those who were unemployed, of old age, had a poor heath record or were just plain unaware that they were agreeing to protection with their loan.
You may even have had more than PPI policy. Here's an example of how it could come about; you have a credit card with PPI, you may have had something like home improvement such as a new kitchen and you have PPI with that then you took out a personal loan with your bank or even a second mortgage and again, you have PPI in addition.
You could have been subject to thousands of pounds of payments towards PPI. If you feel that you have been mis-sold, you are entitled to have this money returned to you .Banks, credit card companies and finance and insurance companies have been under the spotlight and consequently, in serous trouble, for failing to exercise adequate sales controls.
If you feel that you have been subjected to this poor practice, you have six years from the commencement of the loan to act like many others who have made PPI claims. If that period had passed, then unfortunately the law is against you and you no longer have a right to make a claim. And that could cost you thousands of pounds of payments that were rightfully yours to begin with.
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