Payment Protection Policies
It seems as if a lender's understanding of payment protection policies is much different than that of the government and consumers' definition. If they had a similar understanding there would be few PPI claims, but this is just not the case. Lenders are actually propagating the biggest racket to ever hit the UK lending industry because they are selling payment protection policies that the rest of the UK doesn't subscribe to. In other words, they are mis selling payment protection insurance! They have been doing so for more than a decade, they have been court ordered to cease and desist yet they are still mis selling payment protection policies.
Mis Sold Payment Protection Policies
There are a number of ways in which payment protection policies are being mis sold but it all boils down to selling this cover to people who can't use it, those who are coerced into buying it or people who don't even know they've been sold. In any case the lender is aware that the cover will not stand up but continues to use PPI to increase the bottom line on loans they are underwriting. With the high cost of PPI this can mean as much as a 56% difference in price. The whole premium on the payment protection insurance is added to the loan amount and the sum total of the two is amortised over the life of the loan. This is an incredible amount of money to pay for cover that you can't use or don't even want.
What Can I Do about Mis Sold PPI?
If you are asking what you can do about mis sold PPI then you should know that you can always file a payment protection claim. On any number of mis sold payment protection policies the government has ordered lenders to provide a PPI refund. If the lender denies your claim then there is an appeals process to go through by filing with the Financial Ombudsman Service. You can choose to file on your own or you can use the services of a professional claims service. Unless you have unlimited time on your hands you might want to consider a claims company simply because they do all the work for you after you have provided them with information they need.
Some companies ask for an upfront retaining fee while others work on contingency. Belmont Thornton is one that works on contingency since no fee is collected until your claim is won. From the initial consultation through to the final decision, they work on a no win, no fee contingency. You have the peace of mind knowing that a team of claims experts is on the case for you while you won't need to pay unless they win. Whether you have one PPI claim or several of them, the claims team can pursue them all for you so that you can sit back and wait for each lender to decide. You will be able to contact the claims team at any time on 0207 471 2000 as no question is too large or too small. For more information and to get started on your claim, call the claims team today.
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