How to Recover Bank Charges
According to the latest reports that have been coming out from consumer awareness groups and government, there are literally tens of thousands of UK savers and investors still looking at how to recover bank charges after having been mis sold a wide array of financial products. Predominant on the list of mis sold products is something known as payment protection insurance, PPI. Lenders are selling this insurance product for extremely high premiums and there are notoriously few benefits to be had. Over the past few years, record numbers of complaints have reached the Financial Ombudsman Service, FOS, from consumers looking for guidance on how to recover bank charges associated with PPI.
The Premise behind PPI
Payment protection insurance is supposed to provide cover for working individuals who have taken out a loan and face the possibility of being without wages due to unemployment or illness. PPI is meant to make monthly repayments for a stated term, after a waiting period, but very few people ever qualify for benefits. There are so many exclusions that it is estimated that only 13% to 15% of those claiming benefits are ever approved. It is at this point where most people find that cover was misrepresented which leads them to question how to recover bank charges.
Reasons Why Policyholders Are Claiming Mis Sold PPI
There are a number of reasons why consumers in the UK are claiming that payment protection insurance had been mis sold and quite often those reasons fall into common areas. Most often they will file a PPI claim and look at how to recover bank charges because:
- The lender misrepresented cover.
- They were told the loan depended on purchasing payment protection.
- Payment protection was added without their knowledge or approval.
- The conditions, exclusions, benefits and price were not clearly explained.
- They were ineligible for cover from the beginning.
Each and every one of those reasons for declaring mis sold PPI falls squarely on the shoulders of the lender. It is the lender's responsibility to match financial products to the needs of the consumer and to clearly explain the product so that the consumer really understands what he or she is being asked to purchase. As well, it is highly unethical and illegal to tell a consumer that he or she must purchase PPI. Any of the above conditions can render a policy mis sold and lead to a consumer looking at how to recover bank charges.
Contact Belmont Thornton, Belmont Thornton
There is legislation in place that allows UK consumers to file mis sold PPI and lenders are required to review each complaint on its own merits. Unfortunately, this is not being done as often as it should and many people are now turning to claims management firms to handle their complaints for them. Belmont Thornton, Belmont Thornton, has successfully handled thousands of PPI claims for consumers and is duly licensed and registered with the proper authorities to do business in the UK and holds Credit Consumer Licence issued by the Office of Fair Trading. If you feel that you have been mis sold payment protection insurance and are looking at how to recover bank charges, contact the claims team at 0207 471 2000 or leave your contact information on the short form here on this website. A claims team member will be happy to assist you with any questions you may have.
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