Bank Charges Illegal
When you have been mis-sold payment protection insurance one thing you want to do is reclaim bank charges illegal lenders sold unbeknownst to you. It is against the law to place PPI, payment protection insurance, on a loan without the borrower's knowledge. Unfortunately, payment protection insurance has become a huge scandal in the United Kingdom and it has made its way into virtually every area of the lending industry. When it has been added to a policy it constitutes making bank charges illegal and those bank charges can be a formal part of the PPI claims procedure.
Filing for Bank Charges Illegal Cover
There is perhaps an aspect to mis sold payment protection insurance which many
people haven't put a name to and that is, quite frankly, illegal cover. If you
look at the reasons why a consumer can say that they were mis-sold PPI you will
see that each and every one of those reasons means that the lender broke a law
in some way, shape or form. In order to request a claim back of bank charges
illegal cover you would need to go through the formal claims procedure.
Reclaiming Mis-Sold PPI
Reclaiming the bank charges illegal cover forced on you begins with determining exactly how that cover was mis-sold in the first place. Some lenders don't give the borrower a chance to purchase PPI, rather they just added to the closing documents of the loan and expect the consumer to pay for it. Well most borrowers are savvy enough to go over the details of the loan many consumers are so overjoyed at being approved for the loan that they just want to sign the papers in go on their way with their money. Other times lenders misrepresent PPI cover giving the borrower the impression that PPI will do something that was never designed to do and is certainly not covered because of the exclusions. It is good to understand here that the reason why a lender would mis-sell PPI in the first place is because they make a nice hefty commission from the sale.
During the PPI reclaim procedure your claims
handler will document all the wrongdoings committed by your lender in order to substantiate the fact that you were indeed mis-sold PPI. If necessary your claims
handler will also will you take an appeal to the Financial Ombudsman Service as well. To see if you qualify for reclaiming mis-sold bank charges illegal lenders forced upon you call 0207 421 2000 to speak with a claims team today.
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