Have You Been Mis Sold Payment Protection Insurance
Have you been mis-sold loan insurance, and are now trying to seek compensation from the lender, broker, financial institution, or credit card company that inappropriately sold you an insurance policy that you are either ineligible for or inadequately informed of? Unfortunately, this is also the case with approximately 50,000 to 70,000 UK residents each year, who were successful in filing a reclaim and recovering all of the payments that have been allocated towards their loan insurance. Surprisingly, the cost of a PPI policy on a £10,000 personal loan can range anywhere from £1,300 to £5,600, according to the FOS.
Have You Been Mis-Sold Payment Protection Insurance Due to Eligibility?
If you've recently been denied repayment assistance by the loan protection insurance company due to ineligibility, then you may be wondering if you've been mis-sold a policy that you should not have been eligible to purchase. Shockingly, the Citizens Advice Bureau (CAB) conducted a thorough study in 2001 revealing that more than 85% of individuals that filed a claim against their PPI policy were unsuccessful. If you are under the impression that you weren't adequately warned about the insurance policy's eligibility requirements and cost or were not supposed to be eligible for the policy when you signed for the loan, then you may want to think about reclaiming PPI.
Have You Been Mis-Sold Payment Protection Insurance Due to Misinformation?
Lenders, financial institutions, brokers, and credit card companies are supposed to thoroughly inform applicants of the precise terms and conditions of a PPI policy, most importantly those pertaining to the cost of the policy, coverage eligibility requirements, and the necessity of the policy. Borrowers that were working less than sixteen hours per week when the policy was sold should be successful in claiming back loan protection payments. Many others will convince a borrower to purchase a PPI policy by telling them that it is most suitable for their needs and budget, when in reality it is excessively expensive and provides protection only 15% of the time. In fact, you're more likely to receive assistance with repayments by filing a PPI claim then you are filing a claim against the policy itself.
Have You Been Mis-Sold Payment Protection Insurance Due to Forceful Salesmanship?
If your lender convinced you that a loan insurance policy was either necessary or highly beneficial, you may be eligible for a PPI reclaim. You're entitled to a PPI reclaim if you were told that the policy was mandatory or somehow necessary for loan approval, or that it could affect the amount of the loan. Provided that it's verified that the loan protection policy was forcefully advertised, either through misinformation or misleading salesmanship, you may be able to recover payment protection insurance. Have you been mis-sold payment protection insurance? If, after reading the above information, you determine that you have, you may want to participate in a PPI consultation with Belmont Thornton.
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