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Being deceived by a bank or credit card company can be extremely disheartening for the borrower with less than perfect credit, as seeking retribution is often an intimidating process that yields little to no results. Many lenders in the United Kingdom have begun mis-selling payment protection insurance (PPI) policies to boost the amount of profit earned from each loan. Not only do these policies increase the cost of the loan itself, they also increase monthly repayments by accruing additional interest along with the original loan amount. If a borrower attempts to stop making payments towards the PPI policy they would have to cancel the loan altogether, as the policy has already been paid for by the lender and the borrower is simply making repayments towards the policy and the loan.

Reclaiming PPI Payments by Demanding a Refund from the Lender

Since the majority of PPI policy claims are not honoured by the insurance company due to ineligibility, it may be best to pursue legal action against the lender that mis-sold the policy instead. In fact, payment protection insurance companies blame the startlingly high rates of denied claims on the fact that banks and credit card companies have been mis-selling PPI policies to borrowers that are ineligible. While this may or may not be true in every case, it is not possible for a borrower to claim loans back from an insurance company, since they were not the funding source of the transaction. Instead, you'd need to claim loans back from the lender that financed the loan and paid for the PPI policy initially.

Reclaiming an Entire Loan Due to PPI

In some cases you'll not only be able to reclaim the PPI policy payments, but also the entire amount spent on the loan throughout its duration, depending on the loan type and conditions. Payment protection claims are quickly becoming some of the most common in the UK, as several financial authorities including the Office of Fair Trading (OFT), Citizens Advice Bureau (CAB), and the Financial Services Authority (FSA) have conducted thorough investigations that revealed the extent and nature of PPI mis-selling. As such, any policy sold within the past six years is up for scrutiny, and borrowers that were misinformed or inadequately informed may be able to claim loans back that are attached to mis-sold PPI policies.

PPI Statistics Reviewed

While less than 15% of PPI policyholders are given repayment assistance, more than 75% of policyholders that attempt to claim loans back from the dishonest lenders that mis-sell PPI policies will have their claims honored. In essence, it would be more worthwhile to pursue a claim against the lender that sold you the PPI policy than it would be to pursue a claim against the policy itself. It is currently estimated that there are more than 20 million PPI policies in the United Kingdom alone, and each year 50,000 of these policies are disputed by disappointed borrowers that have been scammed and deceived.

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