Finally, a Win for the Underdog
Finally, a Win for the Underdog
The global financial crisis is significantly effecting they way of life to which we have become accustom in recent years. With rising fuel, food, and utility costs, coupled with significant reductions in public spending, it is unsurprising that we are seeing many more people taking financial redress against mis sold PPI.
PPI complaints have risen significantly over the past three years. This is great news for borrowers, is that the more people who make claims against mis sold PPI, the more likely lenders will be to avoid future calamities of the same scale. Indeed, the Financial Services Authority (FSA), and the Office of Fair Trading (OFT) estimate that around 80% of people with PPI may have validation for financial compensation – this is truly calamitous for lenders, and could total more than £10 billion in compensation. Such a huge scandal ensures that lenders act more responsibly in future, a fact that can only help the borrower.
There is positive news for any person wishing to make a PPI claim, according to the Financial Ombudsman Service (the FOS); they uphold as many as four out of five PPI complaints, with many borrowers receiving full compensation, including the interest that lenders charged for PPI. This is fantastic news for borrowers, as mis sold PPI, and the associated interest, has in the past, equated to almost 25% of any borrowing. For instance, a person who obtained a loan of £50,000, who opted (or not!) for PPI, would in fact obtain a debt of £62,500, plus interest on the loan. Having an additional debt of £12,500 is morally, and fortunately legally, wrong, if lenders mis sold PPI.
As it stands now, PPI is the most frequently complained about type of insurance. There are different ways in which lenders mis sold PPI, here we have provided a spot check, so that if you can verify whether your lender mis sold PPI to you.
• If you were unaware that your lender sold you PPI when you obtaining an overdraft or a loan from them.
• If the lender led you to believe that PPI, was a compulsory part of any loan/overdraft agreement.
• If the lender failed to explain properly to you the terms and conditions of the policy, for instance, if they did not explain exclusions that would invalidate a claim.
• If the lender did not explain fully the pricing structure, for instance, they failed to tell you they would charge interest on the PPI as well as the loan or overdraft.
• If they gave the impression that PPI was necessary, and failed to issue a 'demands and needs statement' detailing why PPI was necessary.
If you believe that your lender mis sold a PPI policy alongside any loan or overdraft facility you may have with them, then it is important to redress any illegalities they may have committed.
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