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Have I Been Sold PPI

You may be wondering "Have I been sold PPI?" if there are any unexplained fees or charges to your most recent loan or credit card monthly statement. These may make reference to payment protection insurance or loan insurance, Although there are multiple types of insurance companies sold in conjunction with credit cards, card issuers have begun this selling PPI at a massive rate, with an approximate 7 million PPI policies being sold every year, and the FSA determining that 95% of policies that were reviewed within a control study in 2007 were actually mis-sold. If you've been asking yourself the question, "Have I been sold PPI?" consider the information contained in the following paragraphs.

Have I Been Sold PPI Incorrectly?

Although the coverage guidelines will vary based on the policy fine print, most policyholders will have their claims rejected because of ineligibility. A PPI policy is deemed mis-sold PPI if the loan company convinces the borrower that it's essential for the approval of the loan, or that not paying for the PPI policy may decrease the overall loan amount. Customers should have been regarded ineligible for PPI policies if they were under age 18 or over age 65, self-employed, participating in a full-time college education, or already had an equivalent policy with their employer when the loan was signed for. You might want to contemplate reclaiming funds allocated to PPI if your financial institution did not fully discuss the coverage eligibility requirements and exclusions for the PPI policy, or failed to adequately inform you of the price.

Have I Been Sold PPI That Costs Too Much?

The cost of a PPI policy can range anywhere from 13% to 56% of the overall loan amount, meaning even the cheapest PPI policy is considerably excessive, especially given the fact that 85% of policyholders the file a claim for repayment assistance will be denied benefits due to alleged ineligibility. The average PPI claim brings in about £2500 to £3000, which is about the typical cost of a PPI policy on a $10,000 personal loan. You might want to contemplate reclaiming funds allocated to PPI if your financial institution did not fully discuss the coverage eligibility requirements and exclusions for the PPI policy, or failed to adequately inform you of the policy price.

Have I Been Sold PPI That Cannot Be Reclaimed?

Provided it's proven or adequate suspicion is provided that the loan protection insurance policy was mis-sold, either as a result of deceit or misleading salesmanship, you may be successful in claiming back payment protection insurance. In more than 75% of PPI claims cases the answer to the question, "Have I been sold PPI that cannot be reclaimed?" is a resounding no. As mentioned, studies released by a prominent financial authority in UK reveal that PPI policies are mis-sold more often than not. Sadly, the majority of cardholders the file a claim against PPI will be denied assistance, regardless of whether they've already paid a significant amount towards the policy. By utilising the professional assistance of Belmont Thornton you can begin claiming back funds spent on a useless PPI policy and avoid becoming yet another negative PPI statistic.

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