Payment Protection Insurance Scam
Recent news in the UK has highlighted some of the hardest hit groups in the payment protection insurance scam. Among those people who seemed to suffer the most from mis sold PPI were those approaching retirement age.
Most PPI policies don't cover people over 65, but many lenders were still selling people above this age the cover. This perhaps is one of the worst aspects of the payment protection insurance scam and that is all the people who paid for expensive cover that they could never hope to use.
PPI Refunds Benefit Consumers Ages 50 to 64
Although there is a great amount of news regarding mis sold PPI, not much of it is ever good. There is one ray of light in the tunnel and that is regarding borrowers who were mis sold PPI that are between the ages of 50 and 64. With recent economic downturns, this group of consumers are reportedly the hardest hit. As a result many were forced to take out mortgage refinance loans, personal loans and even apply for credit cards to be used for necessities such as food and toiletries. Unfortunately, unscrupulous lenders mis sold PPI along with those loans so that borrowers were forced to pay exorbitant amounts for relatively small loans. Because the High Court ruled that anyone having been mis sold PPI is due a refund, this age bracket stands to gain the most since they were the hardest hit.
The Payment Protection Insurance Scam Is Nondiscriminatory
Whilst it is true that the above mentioned consumers approaching retirement were reported to be the ones who suffered most from the payment protection insurance scam, mis sold payment protection
is really nondiscriminatory. People of all ages from all walks of life have been
targeted and if it can be proven that PPI was mis sold they are all entitled to
News on the payment protection insurance scam that has been plaguing the UK for the better part of a decade is not yet good, but it is getting better. As more lenders are forced to compensate borrowers for mis sold PPI the problem is beginning to resolve itself. Unfortunately it will be a good long time before the entire issue is sorted out and steps are taken to put a halt to the problem altogether. Belmont Thornton is registered with the Ministry of Justice and has helped to bring literally thousands of claims to a successful close. You can speak with a claims
handler on 0207 471 2000 to see if you qualify to file a mis sold PPI claim against your lender.
blog comments powered by