Payment Protection Insurance UK
It is no surprise that payment protection insurance UK complaints are still
coming in fast and furious. Actually, it is probably because so many of them
have been registered against lenders that more people are becoming aware of the
problem and taking an active role in determining whether or not they were mis
Payment Protection Insurance UK Laws
Whilst payment protection insurance UK policies are totally legal, it is the mis selling of the cover that is against the law. There are certain ways in which a lender can sell loan protection insurance. If those rules are broken it constitutes misselling the product and the consumer is eligible to claim back PPI.
Primarily, the borrower must be informed that the lender would like him or her
to have this cover but it is not mandatory. In the past some lenders told
potential borrowers that their loan was contingent upon carrying this cover. As well, some lenders
simply added the cover to loans without telling borrowers the expensive insurance was tacked on top of the principal. PPI cover was also sold to customers whose circumstances made them unsuitable
such as those over the age of 65.
Payment Protection Insurance Scotland Laws
Of course the problem is the same in Scotland as it is in England, Wales, Ireland. It is simply the way in which claiming back bank charges is handled as well as how the claims process is handled.
It is the bank that will be ordered to make restitution for mis selling PPI and
the bank that will make the initial decision regarding whether or not to accept
or deny the claim.
If you feel you personally have been mis sold PPI you can file a claim for a refund with your lender.
Belmont Thornton's website has a wealth of information for just that
To start a claim or for more information call 0207 471 2000.
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