Mis Sold PPI Insurance
The intention behind Payment Protection Insurance is that should a crisis occur resulting in sickness or loss of employment monies will become available via this insurance to cover the balance of the loan. The borrower will not have a financial headache over the settling of the loan debt. One must admit that this is very much a good intention however investigations have shown that borrowers have been made in some cases to purchase this PPI policy without knowing or without being adequately informed about PPI. When this happens it is referred to as mis sold PPI insurance. PPI insurance was never meant to be a scam or for the borrower to be coerced into making payments towards this insurance policy and; if presented to the borrower in the right manner can be very effective.
Some Reasons for Claims Being Made under Mis Sold Payment Protection Insurance
Many individuals are finding out after the fact that their loan payments include a premium for payment protection insurance. The fact that these individuals are claiming no knowledge of this premium being included in the loan instalment is grounds for mis sold PPI insurance. Another reason by which individuals may claim mis sold PPI insurance would be if an individual is unemployed, studying or retired and was told that Payment Protection Insurance had to be taken out in order to proceed with the loan. PPI is applicable to working individuals. If at the time the borrower was made to believe that Payment Protection Insurance was compulsory; this may result in mis sold PPI insurance claims being made by the borrower. PPI is not compulsory. Another common reason resulting in mis sold PPI insurance is when the borrower is not given all the details about Payment Protection Insurance.
How is PPI Claimed Back?
Anyone claiming mis sold PPI insurance can write to the lending institution or the insurance company stating their concerns and the need to claim back PPI which would have been paid during the course of the loan. The matter can be presented to the Financial Ombudsman for a formal investigation if the borrower is not satisfied with the response from the lender or the insurance provider. There are also Payment Protection Insurance Claim companies; they relieve the affected individuals of the stress of claiming back bank charges and pursue the claim on the individual's behalf. In many instances the claims can be settled with claiming back bank charges in eight weeks or less and the amounts in some cases are greater than fifty percent of the total loan repaid.
At Belmont Thornton or Belmont Thornton Limited these claims can be handled meticulously and quickly. Experts in the area are on hand to give advice based on each individual's concern or circumstance and once a case does in fact exist the affected party can authorise the company to handle the PPI claim on their behalf. This can be settled in a matter of weeks and only upon being granted a claim will any fees be taken by Belmont Thornton.
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