Bank Charges Latest
Payment protection insurance always seems to be making the news because it has been mis-sold so much in the UK that it is being declared
one of the biggest financial scandals of all time. The unfortunate aspect of this is that many people just don't know that they have been mis-sold because the lender never
told them payment protection insurance was being added to the loan. Imagine their surprise when they look at their bank charges latest statement and find that they are paying a loan in amount that is half again the amount they expected to pay. Loan protection insurance
is not cheap by any stretch of the imagination.
Reclaiming Bank Charges Latest Legislation
Because of all the controversy the UK has taken the matter of mis-sold PPI quite seriously and have put into effect new legislation to protect the rights of consumers. As a result loan insurance that was mis-sold is entitled to be refunded to the consumer and proper compensation is to be made. Also, the High Court ruled
in support of new FSA guidelines. At least as far as the law concerned this is
held to be the case. Reclaiming bank charges latest legislation states that even
though the FSA came to power over the sales of payment protection insurance and
gained the regulation of claims in 2005 bank charges latest legislation reads
that consumers have the right to file claims against mis-sold policies that were
sold prior to 2005.
Filing to Reclaim Bank Charges
Filing to reclaim bank charges latest rules state that consumers have the choice to file directly with their lender or to utilize the services of a PPI claims company. . If you contract with a professional PPI claims management company find one like Belmont Thornton that will only work on a no win no fee basis. Also find a claims company that is registered with the Ministry of Justice so that you know that company abides by all the rules and regulations as set forth by the FSA. You will not have to pay a deposit or any kind of upfront fee but you will need to speak with a claims representative prior to submitting your claim with the lender. That is to say, that you could always file on your own without the assistance of a professional PPI company but many consumers find that is just much easier to file through the services of a claims management company.
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