Missold Loan Insurance
cover was sold widely for more than ten years. The cover was attached to credit
cards, loans and mortgages as well as store cards and hire purchase agreements.
Unfortunately, many people were missold loan insurance meaning they were left
with unsuitable cover that, in some cases, they could not use. This situation
has resulted in a steep increase in the number of payment protection claims.
Although some people, after hearing about the mis-selling issue, realise they
have been mis-sold a policy many do not find out until it is too late.
Finding Out the Hard Way
Imagine having a mortgage payment that you have been faithfully paying for 10 years or more and then suddenly being laid off from your job. Of course if you have been loan insurance protection then you would automatically think that you have nothing to worry about as your insurance will cover you while you try and sort things out. Now imagine filing a claim only to be told that the bank regrets to inform you that you were not qualified for the policy when it was sold to you. What would you do with that knowledge? One safe assumption is that you would become quite confused, asking what on earth you have been paying for, for all these years if you are not eligible. Not to worry at this point because you certainly will not be alone
- many people have found themselves in similar situations as a result of missold
You find that you are in quite a dilemma so what should you do? Well, the first
thing you should do is sit down and tally up the amount of money you have paid
toward this insurance policy that is doing you absolutely no good. You should
then take some time to consider exactly how your policy was mis-sold. Did your
lender fail to ask you the correct questions or to give you full information?
If you require help making a missold loan insurance claim, call our team today.
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