Payment Protection Insurance Misselling
If you have taken out a loan, opened a credit card account or obtained a mortgage
in the UK over the past 5 or 6 years, there is a good possibility that you were
sold something that is called payment protection insurance. The general theory
of payment protection insurance is to allow you a financial blanket to cover you
if you should ever become too sick to work or if some other unfortunate event
should occur causing you to default on your payments. However, this service was
always meant to be something that was optional or could be requested by someone
taking out a loan for whatever reason. The trouble that many policies have been
mis-sold and many people have been left with policies they would never actually
be able to use. This is because some lenders have been practicing payment protection insurance misselling.
The Many Loopholes of Payment Protection Insurance
All insurance policies have stipulations and requirements for covering people. What would make anyone believe that payment protection insurance would be any different? Of course there are conditions on coverage and there are a lot of situations that would cause someone to be disqualified to receive coverage. This is where the trouble starts.
Some lenders sold payment protection insurance to customers who were not
eligible to use it. This payment protection insurance misselling has caused people to pay much more money than necessary
for cover that has a shockingly high number of exemptions. Exemptions are written clauses that describe situations in which a consumer cannot be given a payment protection policy. Things like bad backs, age,
pre-existing medical conditions, employment circumstances and other factors all play a role in whether or not you would be a good candidate for payment protection insurance.
If You Are Not a Candidate
If something occurred in which a lender exercised payment protection insurance misselling and you want to make a payment protection claim but were denied then you have
the right to make a complaint. First of all the payment protection insurance
misselling is considered an unethical act and you will have a right to ask for a
full refund on all monies you paid out during your policy's life. This is usually found when you have an incident that causes you to ask for coverage only to find out that you never should have been sold a policy in the first place. For instance, if you are over 65 when the policy
was purchased then you have bought a policy you may never be able to use.
Payment protection insurance misselling has occurring all too much in the UK and
something has to be done about it. Fortunately there are specialists that can
help by reclaiming all or a portion of the money you have paid towards the policy. To get started complete the claim pack request form or call 0207 471 2000.
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