Payment Protection for Self Employed
There have been so many instances of mis sold PPI that it is becoming increasingly difficult to determine just how many of the 20 million UK policies have actually been mis sold. When sorting through cases that have blatantly been mis sold PPI one group of people will always stand out from the crowd. The majority of PPI policies do not cover self employed people. So, in most cases, the cover should never have been sold.
Refunds for Mis Sold PPI Policies for the Self Employed
Once it has been determined that the cover was mis sold, PPI refunds are generally awarded without further ado. However, there are times when a lender does not see it as being mis sold which is why the consumer may need to go through the entire appeals procedure to claim back PPI. Keep in mind that lenders refuse a significant number of the claims that they review but the Financial Ombudsman Service uphold up to 90% of those that they subsequently review. Take heart in knowing that if you were a victim of mis sold payment protection for self employed persons you will most likely be awarded your refund.
Trying to Make Sense of the Magnitude of the Scandal
In light of the fact that self employed persons are rarely covered by PPI, it is hard to believe the magnitude of the PPI scandal that has literally rocked the UK lending industry off its foundation. Why is it then that so many payment protection for self employed polices were sold? It is difficult to say for sure, it could be a lack of staff training or product knowledge. The most difficult thing to understand is why it is so difficult to get a PPI refund on a policy that was quite obviously mis sold!
Not just self employed customers who are affected
You should remember that it is not just self employed people who are frequently excluded from PPI policies. If you were unemployed, retired or in full time education when you were sold your policy it is unlikely your cover will be valid.
If you have any questions about how Belmont Thornton can help you with a payment protection for self employed claim, contact the claims team on 0207 471 2000.
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