Payment Protection Plan Claims
Perhaps one of the biggest scandals to hit the financial world in recent years concerns the mis-selling of payment protection plan insurance.
How a Payment Protection Plan is Mis Sold
The cost of loan insurance can be very high and it is not suitable for everyone. There are numerous ways in which PPI may be mis sold and for any one of those reasons borrowers have the right to submit payment protection plan claims. Some of the ways in which payment protection insurance is mis sold include:
- Being sold a policy without the terms or conditions being fully explained
- Being 65 years of age or older and being sold a policy that does not cover people in this age range
- Being told the policy was compulsory
- Being Self Employed, retired, unemployed or in full time education at the time of sale
- Being told taking out the PPI would improve the chances of being given a loan
- Being sold a policy despite having cover already in place elsewhere
And the list goes on as there are many other exclusions and conditions which impact who can claim cover on loan protection insurance.
What a Payment Protection Plan is Supposed to Do
The basic principle behind a payment protection plan is that the policy is supposed to cover payments in the event that the policy holder is suddenly unable to make them due to illness or loss of work. This leaves out a great number of people, but some were sold the policy regardless. As a result they are now being forced to file payment protection plan claims.
For more information or to start your claim today call Belmont Thornton on 0207 471 2000.
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