Bank Charges Complaints
Although payment protection insurance has been around for more than a decade now it wasn't until around the year 2004 or 2005 that the Citizens Advice Bureau became actively involved in all of the bank charges complaints that were pouring in due to lenders misselling PPI. As these complaints continued coming in someone stood up and noticed and then filed a major complaint with government to do something about the
situation. Now more and more consumers are aware of the fact that lenders from literally every area of the industry
may have mis-sold PPI so they are on the lookout and whenever necessary filing bank charges complaints with the lenders themselves and of course with a number of consumer advocate groups.
What Became of Those Initial Bank Charges Complaints?
Whilst we know that the Citizens Advice Bureau was largely responsible for raising consumer awareness we are still wondering what became of all those initial bank charges complaints. Actually, government took notice and initiated new legislation which would govern how payment protection insurance was sold and when and how payment protection insurance claims
should be paid. Also, those initial bank charges complaints served another
purpose in that was to raising awareness that there needed to be one entity in
charge of payment. protection insurance, how was sold and how claims are
settled. The governing body chosen was to be the Financial Services Authority,
What Needs to Be Done in the Future
The idea is good but the insurance itself is often poorly designed. Those who really could benefit by the cover have no cover and those who can afford it don't need it. Of course it's not only cost that's involved, but it is the fact that there are so many exclusions that
many people would never be eligible to receive any benefit from it. For instance,
it is not available to those who were self-employed, temporarily employed, unemployed, senior citizens and having been diagnosed with any conditions that have the potential to keep that person out of work in the future. In other words pre-existing conditions are never covered. If a lender mis-sells PPI by misrepresenting the cover then consumers are entitled to file for payment protection refunds and are encouraged to file bank charges complaints with the proper authorities.
If you feel that you have been mis-sold loan protection insurance then it is within your rights as a UK consumer to file a complaint with the proper authorities and to seek a refund of mis-sold PPI. Belmont Thornton as a team on hand to talk to you about any concerns you may have or to answer any of your questions. If you choose to file through the company you will notice that they have a no win no fee* policy which means that you will not be charged unless they are successful in winning back bank charges for you.
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