Bank Charges Claims
Mis sold PPI in the UK is a huge scandal at the moment and the enormity of the situation is only just beginning to be fully realised. Lenders of all kinds,
from high street banks to retailers have been found to have mis-sold policies. Whilst consumers are filing payment protection claims against lenders who mis sold this cover to them, bank charges claims are amongst the largest pool of claims to be found, if not the largest.
How Did Mis Sold PPI Get So Far Out of Control?
No one knows for sure how this problem got so far out of control but we do know that
payment protection insurance has risen to become one of the most widely sold
insurance products in UK financial history. What should have been a cover that provided loan protection for consumers in the event they lost their jobs or became too ill to work for an extended period,
quickly proved itself to be ineffectual for many customers because of the high
number of exclusions attached. By the time payment protection insurance had been on the market but a few years, complaints began pouring in to the Citizens Advice Bureau and bank charges claims became a growing concern. The CAB took their complaints to government and new legislation was enacted in 2005 that placed the Financial Services Authority directly over payment protection insurance sales and bank charges claims.
Where Do We Go From Here?
The good news for consumers is that if they have been mis-sold payment protection
insurance they do have the right to make bank charges claims. Where your claim
is proven, you may receive a refund of all premiums paid plus interest at 8%. If
you would like assistance with your claim, contact the claims team at Belmont
Thornton on 0207 471 2000. They can provide you with more information regarding
the issue of mis-selling as well as helping you to get your claim underway.
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