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Claim Back Loan Insurance

Claim Back Protection Insurance

If you were to hear the term payment protection insurance you would probably think it's a very good thing because it sounds like a type of insurance cover that will make payments on a loan if you are unable to do so. In actuality this is just what PPI is supposed to do but it never quite was able to do what it was meant to do. Unfortunately, this was one of the most poorly designed insurance products ever in the history of insurance and even with a total overhaul it probably wouldn't cover enough people to be worth the expense. Even though payment protection insurance doesn't benefit many people that is no excuse to try to get your money back from the lender. The only ethical reason to claim back protection insurance is if you were mis-sold the policy by your lender.

What Are Some Reasons to Claim Back Protection Insurance?

The main reason to claim back protection insurance is when it has been mis-sold while lender. This could be that the lender added PPI to a loan unbeknownst to the borrower or it could mean that the lender misrepresented what the policy could do. Sometimes a lender sells payment protection insurance to consumers who are automatically disqualified for cover such as those were self-employed, temporarily employed, contract workers, seniors over the age of 65 and even to persons who made it known to lender that they had pre-existing medical conditions that kept him out of work periodically. In order to claim back protection insurance it must be proven that the lender knowingly sold you a product which you didn't want, didn't know about or couldn't use. In other words the lender mis-sold PPI. In any of those cases the only way to rectify the situation and claim back protection insurance would be to file PPI claims.

What Is Being Done about the PPI Scam?

Even though most people know that lenders are continuing to perpetrate the PPI scam it just doesn't seem like enough is being done to put a stop to it. So what is being done about the PPI scam? The first thing that's being done actually is pretty significant because the government as a word lenders to give back any money stolen from consumers through mis-sold PPI and they have further ordered those very same lenders to compensate borrowers under conditions of undue hardships resulting from the mis-sale of protection insurance. Although that doesn't seem like much it is a great deal in the eyes of consumers when they see their money returned to them. The PPI reclaimprocess is actually just the beginning of what is being done about mis-sold PPI. Many consumer advocate groups are working hard to get this insurance cover band in the UK.

Although that isn't probably going to happen in the near future it may fizzle out on its own once lenders pay billions of dollars in restitution. It is hoped that at some point they will get tired of losing money and put a halt to the practice of selling PPI all by themselves. In the meantime, if you have been mis-sold PPI you can claim back protection insurance by filing a claim against the lender who mis-sold this product to you.

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