Payment Protection Misselling
Payment Protection Mis Selling Racket
The practice of mis selling PPI cover came to the attention of the Citizens Advice Bureau approximately six years ago and since then a great number of borrowers have been refunded money they paid into mis sold PPI. Actually, the payment protection misselling racket has been going on at least a decade and when the numbers are tallied it may just turn out to be the biggest scandal in the history of lending.There doesn't appear to be an end in sight but there is still hope for getting a refund, in large part due to the efforts of CAB.
In order to file for a PPI reclaim, it will be necessary to prove that the cover was mis sold. Certain elements must be present in order to be labelled as a mis sold cover. For example, anyone who is self employed would not USUALLY qualify for this cover but lenders sold PPI to thousands of self employed individuals. As well, those of retirement age 65 or older would never be able to make a claim on payment protection insurance and here again, thousands of seniors were mis sold PPI as well. Once you have established that you have been mis sold loan insurance the next logical step s to file for a refund with the lender that sold you the cover.
How Much Can You Expect to Be Refunded?
So many people are wondering how much they will be refunded once it has been proven that their lender is guilty of payment protection misselling. There is no one definitive answer because each PPI premium varies significantly. The average refund from payment protection mis selling is usually between £1,700 and £2,700 but of course that depends on the size of the loan. Since the total premium is often based on a percentage of the amount borrowed and the entire premium is added to the loan, the amount to be refunded will vary according to how much has been paid over a period of time along with any interest that was tacked on to the PPI payment.
There are so many things to consider when applying for a refund on mis sold PPI that it might be beneficial to contract with a PPI claim company who can advise you and take care of filing your claim for you.
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