Can I Claim Bank Charges
In the past 10 years many payment protection policy holders have been asking themselves, â€œCan I claim bank charges?â€ When trying to answer the question of â€œCan I claim bank charges?â€ many borrowers do not know where to go to find the answer. Many times these policyholders don't even know what payment protection is or where it came from; leaving them asking more questions than â€œCan I claim bank charges?â€
Lenders in the United Kingdom have betrayed consumers in great. These lenders know that people who are looking for financial services are eager to get approved for a loan they're applying for. Financial services such as credit cards, bank loans, mortgages, store cards are dependent upon the lenders approval for the borrower to receive the service. Many times these lenders scandalously offered payment protection as a means to improve the chances of the borrower being approved. However, payment protection insurance (PPI) also known as loan insurance, loan protection, payment protection and payment insurance have nothing to do with a borrower being approved for any given financial service.
The PPI Scam
Payment protection is a service that was designed with intentions of providing coverage for a policyholder in the event that they become unemployed and unable to pay the monthly installments of whichever financial service is insured. The lenders are the ones who were scamming borrowers by adding payment protection in with whatever financial service that was been offered thereby increasing the amount of money pay monthly and the amount of interest the lender will earn. If this was all that happened when trying to get approved for a loan it might be okay but, considering the fact that only about 15% of payment protection policyholders were eligible for coverage it made payment protection insurance seem like a scam. The lenders also knew the average policyholder would think that the protection insurance company would be to blame thereby making they seem innocent.
What Can a Borrower Do?
After a policyholder has done some research to figure out what payment protection is and how it affects them along their journey to answer the question can I claim bank charges they still normally need help. Being that the first step to getting a refund is to file a reclaim against the lender and lenders normally refusing to refund borrowers are advised to hire a PPI claims company. PPI claims companies understand that lenders do not want to refund the money to borrowers and they also understand how to prove the borrower's case to get them the money they deserve. A PPI claims company that is good and easily answer the question of can I claim bank charges and also give estimates as to how much money can be refunded with a successful PPI claim.
The best PPI claims companies are certified by the Ministry of Justice who ensures that when customers who want to know â€œCan I claim bank charges?â€ will be treated with the utmost respect and privacy. Borrowers should also be advised to look for companies who work with a no-win no pay policy as to make sure no more money is lost while dealing with PPI.
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