Payment Protection Insurance And Ppi Claims Info
Over the last few years, within the United Kingdom
, The Financial Services Authority (FSA) has been looking at unjust practices of issuance of Payment Protection Insurance (PPI), and the ways 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 a large number of complaints about the industry. Out of all the people that purchased PPI either intentionally or unbeknownst to them, around 5% actually ever filed a claim. Even worse, the stats show, that about 70-75% of people that did file PPI claims would 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 a few basic questions you should 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 at all, yet were billed for the PPI; if you were not told of the terms before purchasing or if you were sold PPI and were self-employed.
If any of this pertains to you, you happen to be like many people whom were mis sold payment protection insurance and in a position to now file PPI claims to try and reclaim the moneys they paid for premiums. It is vital that you find a company that knows what they are doing in regards to reclaiming premiums. Don't fall for any promises, they can not guarantee they are going to get compensation; many legit companies will not charge any fees beforehand. Use due diligence when finding the right specialist within the field.
by: Sharon Dawkins
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