Payment Protection Insurance Companies
Even though payment protection insurance companies probably have their own part to play in the PPI scandal
that has raised such controversy in the UK, the actual problem rests with the
lenders who are mis-sold PPI cover to loan applicants. For a great number of
reasons, PPI cover is being mis sold but the bottom line is that the lender is
the one who benefits the most. Payment protection insurance companies make a
profit from assuming risk, but lenders make a commission for selling the cover
and then continue to profit from interest that is tacked on to the monthly
Filing a Claim against Mis Sold PPI
PPI claims are actually leveled against the lender which should be a good indication that any part payment protection insurance companies play in misselling cover is secondary to the lender's role. If you find that you have been mis sold PPI and are due a refund, it is the lender that will pay the price. Yes, the policy will be cancelled but the lender will be the one the court orders to compensate the borrower! When filing a PPI claim, it is presented to the seller with a reason why it is being labeled as mis sold cover. Any substantiating documents are also forwarded to the lender but be aware of the fact that you should never let the original loan documents out of your hands. Always provide a photocopy of the originals when it comes to the lender.
Even though the PPI reclaim procedure is pretty cut and dry, some people still try to file for a refund from payment protection insurance companies when it is the lender who should be claimed against. If you have been mis sold PPI and are unclear how to go about applying for a mis sold PPI refund, talk to Belmont Thornton on 0207 471 2000
The will be able to advise you if they feel you have a valid PPI claim and can
also file the claim with your lender. This company is registered with the
Ministry of Justice and could settle your claim in just eight weeks.
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