Miselling of Protection Insurance
Payment Protection Insurance came about in order to provide the borrower with financial support in the event of becoming sick or unemployed while in the process of making loan payments to an institution. The rationale behind this insurance was good however it seems to have been plagued with instances of the miselling of payment protection insurance. These instances have allowed individuals to seek PPI refunds on the basis of miselling of payment protection insurance which would have been inclusive in the repayment of the loan.
Controversy Linked with Payment Protection Insurance
The onus is on the company or lending institution to enlighten the borrower on the facts surrounding PPI so as to prevent the miselling of payment protection insurance. Any restrictions which will prevent the borrower from benefiting from the insurance coverage should be brought to the borrower's attention and unnecessary pressure should not be applied in an effort to force the borrower to purchase Payment Protection Insurance. This is not a compulsory insurance that must be taken at the time of the loan. Specific care has to be taken to ensure that PPI is not sold to individuals who do not qualify for it. Other issues such as a pre-existing medical conditions can be considered as exclusions or an employed individual working less than a sixteen hour work week do not qualify for Payment Protection Insurance. A company or lending institution found in breach of any of the above mentioned items may suffer the consequences of miselling of payment protection insurance and this can result in PPI claims from borrowers.
Online Assistance in Dealing with PPI Claim Issues
In light of the public awareness of issues related to PPI and the miselling of payment protection insurance there are many options to go online and obtain assistance in the matter. There are free online payment protection calculators which allow anyone to obtain an estimate of what their PPI refund can be if they fit the criteria for a refund to be issued. Payment Protection Insurance can be included in more than one loan and it may be necessary to calculate the estimated refund on more than one loan. Templates may be obtained online detailing the format of a PPI reclaim letter to be sent to the insurance provider or financial institution involved in the case at hand. These online aids have made it easier for individuals to handle their own cases pertaining to the miselling of payment protection insurance.
There are also companies such as Belmont Thornton who have experience in the settlement of PPI claims. An authorisation letter giving this company permission to act on the borrower's behalf allows the professionals to smoothly handle and settle the insurance claim. Results may be had in as little as eight weeks. No upfront fees are required. If and when the borrower receives a refund fees will be settled at that time with Belmont Thornton. The experienced team at Belmont Thornton Limited is available to provide advice and can be contacted at 0207 471 2000. Stop wondering and call now to find out the facts associated with your PPI claim.
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