ppi claims

Over the last few years, within the United Kingdom, The Financial Services Authority (FSA) has been reviewing unjust practices of issuance of Payment Protection Insurance (PPI), and the methods of which it was sold to loan borrowers. Many large United Kingdom banks have been making a lot of money off mis sold payment protection insurance.

PPI was initially created to help the loan borrower if they became ill or injured at work. This specific insurance would make repayments to the loan providers until they went back to work. At least half of borrowers deny coverage, however, of the other half a fair amount were not asked, they were just sold the policy and pay the premiums without even realizing.

Eventually, there were numerous grievances about the industry. Of all the people that purchased PPI either knowingly or unbeknownst to them, only about 5% in fact ever filed a claim. Worse yet, the facts show, that about 70-75% of the people that did file PPI claims did not meet the terms established in the policy.

Once the FSA got involved, careful investigation found that many times the lenders did not tell the borrowers all of the information needed, for example criteria for a claim. In addition, it found that a great number of these lenders would utilize scare tactics to influence the borrower into agreeing. Several lenders actually even added overpriced PPI on the initial loan quotes without disclosing what it was. Investigation also discovered that numerous lenders would add a lump payment to the start of the loan repayment plan. By doing this, the borrower would have no means of canceling the payment protection insurance.

There are some basic questions to ask if you feel you could most likely make a claim for your monthly premiums. Some include the items we stated above, such as being told you needed to purchase the policy to get a loan, or if you were not told in any way, yet were charged for the PPI; if you were not told of the terms previous to purchasing or had you been sold PPI and had been self-employed.

If any of this relates to you, you happen to be like many people whom were mis sold payment protection insurance and able to now file PPI claims to try and reclaim the moneys they paid for premiums. It is imperative that you find a company that knows what they are doing in terms of reclaiming premiums. Don't fall for any promises, they cannot guarantee they are going to get compensation; many legit companies will not likely charge any fees in advance. Use due diligence when finding the right specialist in the field.

ppi claims

ppi claim

If you feel you were mis sold payment protection insurance, or you wish to find out more about ppi claims, please visit experts at Simplicity Claims.

ppi claims: ppi claim

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