Saturday, 4 February 2012

Payment Protection Insurance (PPI) mis-selling scandal and the impact of loans

By Carl Benson


Have you been mis-sold Payment Protection Insurance (PPI) along with a loan? Has a financial institution disappointed you? Lots of people have successfully lodged PPI claims against their bank or building society and you also could become one of these people.

PPI is an insurance policy attached to loans as well as other financial products (including credit cards, store cards, mortgages and hire purchase agreements) that insures the insurance policy holder should they be unable to work due to accident, sickness and unemployment. PPI cover is contentious though, the way it has frequently been mis-sold.

Financial institutions have been fined for failing to retail the products correctly and, consequently a lot of people are making a PPI claim for compensation. If you acquired a loan in the last ten years there is a possibility you will have paid PPI payments on your monthly installments.

Many people do not realise their loans include PPI premiums and this was only an optional extra. You did not have to include it but some people were entirely unaware that this was an optional extra and not a condition connected to the personal loan or credit card. Many customers were typically not actually advised about it, the dealer gain commission and your funds might be discreetly taken away from you without you knowledge. Those that attempt to claim on this sort of policy will often be rejected because of complicated fine print. PPI prices may be very excessive and charges may also carry high interest charges when lenders add insurance charges in the overall loan amount.

We're able to attempt to recover money that's rightfully yours and we can process the PPI claims without you having to do a thing after we have the necessary information. It can be worth thousands of pounds, and don't forget you can claim back PPI even if you have already settled the loan. We offer a no win no fee service which means that if we represent you and your PPI claim is not successful it won't cost you anything.




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