Payment Protection Insurance Mis Selling
In recent years there have been a great number of scandals rocking the financial world around the globe such as the Bernie Madoff and Martha Stewart scandals in the United States.
Within the UK debatably the most significant financial scandal has concerned the
sale of payment protection insurance. No lender has been immune to allegations
of mis-selling as banks, mortgage lenders, credit card companies and even merchants offering store cards are being accused of mis selling PPI. Payment protection is supposed to protect consumers from defaulting on their loans as a result of temporary loss of employment, but the frequent instances of mis-selling mean many people have been left with cover they couldn't use even if they needed to.
Payment Protection Insurance Mis Selling Tactics
In the past, some lenders sold PPI with very little regulation. For some this led to the development of a culture of high pressure selling. In some cases lenders tried to make it appear as if the loan was contingent upon buying a payment protection plan whilst other times they simply added it to the loan without the knowledge of the borrower. Other times they promised cover to people that are in the excluded groups, such as the self employed and those over the retirement age of 65. Many people have already made payment protection claims, but it is feared many more are entitled to make a complaint.
As Public Awareness Increases Consumers Are Becoming Leery
In large part due to the major complaints rendered by consumer advocate groups such as the Citizens Advice Bureau public awareness
of the issue of mis-selling has increased enormously. Now consumers are forewarned to check over their loan documents thoroughly prior to signing any contracts. Nonetheless, there are still so many outstanding instances of payment protection mis selling that it will be quite a while before most claims can hope to be approved. The scandal is at least 10 years old but it has only been within the past 6 years that anything has been done about it. Payment protection insurance mis selling is still going on and until enough consumers band together in the fight against this unlawful practice, it will still be going on in the future as well.
The first step you, as a consumer and person who has been mis sold payment protection insurance cover can do is act now to file a claim against the lender that mis sold PPI to you. Contact Belmont Thornton claims team for further information on the process or to simply tell them you would like to begin your claim. In future, before you buy a policy, always check you have all the information necessary and have carefully read the terms and conditions of the cover. Once lenders realise that there is no longer a market for payment protection insurance mis selling will come to a halt. The claims team can be reached on 0207 471 2000 and they are always there to assist you.
blog comments powered by