Bank Charges PPI
Reclaiming PPI
is a process in which policy holders attempt to get a refund for mis sold
payment insurance. These charges may be refunded if, indeed, the policy was mis
sold by the lender.
PPI Recent History
In the last ten years millions of payment protection insurance policies have been
sold. Attached to loans, mortgages, store and credit cards they proved to be
exceedingly popular in the past. Designed to provide protection for consumers by
stepping in to cover debt repayments in the event of sickness, accident or
involunrary unemployment, they appealed to customers while proving extremely
profitable for lenders. The bottom fell out of the market in 2006, though, after
an investigation by the Financial Services Authority revealed significant
failings across the industry. As a result of these claims not only did the sale
of payment protection begin to slow down, but there was an increase in bank
charges PPI claims.
Major Problems with PPI
Some of the key mis-selling issues identified include customers being given
incorrect or misleading information, being pressured into taking cover and being
sold a policy they could not use or did not need. Customers who have found
themsleves in these mis-selling situatuons have the right to make a bank charges
PPI claim.
PPI Lasting Impression
Payment protection insurance is often called loan insurance or even loan protection insurance but in any case it is supposed to help if a person becomes unemployed by making payments on loans. This unemployment could be due to losing one's job or it could be the result of illness. However, there are so many exclusions that the cover very rarely
covers those who need in most. How to design a PPI policy with bank charges
that are comfortable for the average person with the right amount of cover when
needed?
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