subject: Lifting The Lid On PPI Claims And Mis-sold Credit Insurance [print this page] Lifting The Lid On PPI Claims And Mis-sold Credit Insurance
The mis-selling of PPI has been seen to happen, and through no fault of the borrower. To best explain PPI it is essential to be clear as to what its intention is, and the simple explanation is to say that PPI is an insurance scheme designed to help you meet payments on a credit agreement in the event that that you have to miss work and, in addition, cannot earn.
Recently a series of PPI claims from borrowers with PPI policies were noted by the people who oversee the industry, stating that there were examplesof the mis-selling of PPI by many providers, some of them well known companies.
Following an investigation into less than honest practices within the industry many heavy fines were handed out to the culprits, and the uncovering of mis-selling of PPI has led to a rise in the number of people making a claim as a result.
A common occurrence in the selling of PPI had been for the lender to infer to the customer that they were obliged to accept a package deal where payment protection insurance was provided alongside the loan. It has never been the case that the borrower had to do this, and it is no longer allowed to happen.
You may have a case to make a PPI claim if you find that you were not sold PPI in the acceptable way. Furthermore, it was discovered that a lot of people did not know they were paying for payment protection insurance, and in a number of instances the policy supplied was not applicable to the individual concerned.
It is an acknowledged fact that the current economic crisis has caused an increase in the instances of people looking to PPI policies to pay their loan fees as jobs are lost all the time, and we hope that the policy you bring into play in such unfortunate circumstances is applicable and in order.
Making a mis sold PPI claim is a process that not one of us should have to consider, but before the revision of the rules there were many practices that led to policies being rendered useless. These tricks have now been written out of existence, and the current rules are there to help the customer more stringently than ever before.
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