Consumers should feel secure that their Payment Protection Insurance will cover their debt repayments if something unexpected happens they are covered for, but more and more people are feeling like it is one big con. It has been sold to people who are uninformed borrowers who can’t afford it and even people who want it but don’t know they are ineligible.
Most banks cunningly tag on PPI to any loan or credit and bank employees are often forced to sell useless policies in order to keep their jobs. The theory of PPI is great for borrowers, particularly in the recent economic hard times, where people are losing their jobs left right and centre, it should mean that 3 months unemployed doesn’t mean going hungry because of mortgage repayments. But the reality is quite the opposite; there have been almost no cases where PPI has actually helped someone struggling to make repayments.
Luckily, lenders who have illegally sold PPI can be held accountable by the general consumer. There are thousands of lawyers who focus on financial law and some even specify in PPI reclaiming.
Most consumers have no idea of the conditions in which the sale of PPI can be considered illegal, if you were unemployed, self-employed or simply over 65, your PPI payments were void and you can reclaim all the money. If the terms of payment, interest and cancellation were not explained to you and if you were told you had to buy PPI from your lender, ask for it back!
Although claiming back your PPI is your own responsibility, the Financial Services Authority and the Competition Commission have taken a stance against the dodgy tactics of the industry. They are even slapping fines on any organisation deemed to have broken laws with PPI selling.
After a watchdog ruling in 2009 companies are now required to correctly sell PPI to customers ensuring they are not overpriced, customers can chose to opt out at any time and they are fully covered.
If you know you have been miss sold PPI, then see why Dons LLP can help you with your PPI claim.
categories: Banks,PPI,payment protection insurance,claim,claims,scam,reclaim,lawyers,mortgage,loan,repayment,bank,credit
