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Claim Back Loan Insurance

Banks PPI

Payment protection insurance (PPI) policies are some of the most overlooked aspects of loan repayments, often taking the form of hidden surcharges that are masked by other more vague names, such as loan insurance, or loan protection insurance. Ultimately, these terms are just interchangeable phrases used to describe one type of insurance policy - the banks PPI. Many financial institutions work as affiliates for insurance companies by receiving paid commissions for each borrower that they enroll for a PPI policy. In the past many people were sold these policies without being given full explanations of the terms, conditions and costs. Of course, after the borrower has already made several payments towards the banks PPI policy, there is little that can be done to the insurance company. However, following  high profile investigation you may now be entitled to make a payment protection claim for mis-selling.

Reclaiming PPI Payments from Banks

For help with reclaiming the amount of money spent on the banks PPI policy each month, you can consult with a PPI claims specialist and provide a small amount of basic information. First, you'll need the lender/bank name, basic details about the type and amount of the attached loan, reasons why you believe you were mis-sold a PPI policy, and any proof you may have that shows you were an eligible for PPI at the time of mis-selling. If you were over the age of 65, had pre-existing medical conditions, or already had payment protection insurance through different insurance provider, you were automatically ineligible for your banks PPI policy, and the lender that mis-sold you the policy is fully responsible for returning all of the payments you made towards the banks PPI scandal.

How Common Are PPI Reclaims?

Surprisingly, during the past five years nearly 2,000,000 unhappy consumers have filed claims against their lenders for mis-selling them a PPI policy that was either unnecessary or completely unannounced. 

Contacting the PPI Claims Company

To reverse the charges caused by your banks PPI policy is to contact a PPI claims company. These companies specialize in laws related to mis-sold insurance policies. Ultimately, PPI reclaims are becoming some of the most popular claims in the United Kingdom, and as the FSA (Financial Services Authority) push for stricter sales controls, the amount of successful PPI reclaims looks set to continue to rise.

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