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Bank Penalty Charges

Being approved for a home or business loan often equates to the reality of purchasing your dream house and starting a successful business that could prove to be lucrative for a lifetime. Thus, it is easy to see why subprime borrowers and individuals with poor credit quickly jump on any opportunity to obtain financing for a home purchase or business start-up project. Unfortunately, by being forced to deal with private lenders and smaller financial institutions, many borrowers find themselves victims of payment protection miss selling. Payment protection insurance (PPI) is a policy that provides coverage for repayments in the event that the policyholder is unable to make their monthly mortgage, credit card, or loan payments. Unfortunately, in the past, the policies were not always correctly sold and, as a result, there has been a large increase in payment protection insurance claims.

Obtaining Payment Protection Refunds

Luckily, with the help of a professional PPI claims company you'll be able to obtain payment protection refunds for all charges made towards a mis-sold PPI policy, as well as bank penalty charges that may have resulted from the increased monthly costs of your loan. Since PPI policies add to the overall value of the loan, lenders earn a profit not only by charging additional interest, but often earning commissions on each policy sold.

Recognizing Bank Penalty Charges

One of the reason people get confused with the issue mis-selling PPI is the semantics of how this type of coverage and associated bank penalty charges are described. Each financial institution or lender may use a different name or phrase to describe payment protection insurance, such as protection coverage, payment insurance, loan insurance etc. Ideally, you'll want to check your monthly loan statements to look for any additional hidden charges that may be increasing the total monthly repayment amount. Any suspicious bank penalty charges should be brought to the attention of the lender, and an explanation should be demanded.

Reversing Penalties Caused by PPI Charges

A PPI claims company will not only help you reclaim the money spent on the monthly cost of the policy, but also any bank penalty charges that were a direct result of PPI charges. In fact, most PPI claims companies will not even take your case unless they are confident that they can help you reclaim your PPI payments. Many borrowers even receive additional compensation, especially when the mis-sold policy resulted in bank penalty charges. Due to the high volume of mis-sold PPI policies and judgments rendered in favor of borrowers, the process of reclaiming PPI payments has become streamlined and can easily be facilitated by a PPI claims company.

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