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Is PPI Illegal

PPI, also called payment insurance, repayment cover and a number of other things is a type of insurance that is sold to borrowers of all types. Whether these consumers are looking for home mortgages, personal loans or credit card loans, it is safe to bet that PPI is going to be added to the policy. But is PPI illegal? The way it is sold is often quite illegal but the cover itself is not. For instance, if a PPI policy is sold outright to someone who is explained all of the details of the cover and is screened to be sure he/she is qualified then it is completely legal and above board. That is unless the person has been coerced or forced into buying the cover for some reason, then it becomes illegal again. So you see, "Is PPI legal?" is that that simple of a question to answer. It is illegal to mislead a person in such a way as to take their money so mis selling PPI is illegal and is punishable by hefty fines.

Is PPI Legal for Elderly People?

Generally speaking, no it is not. Of course this depends on your definition of elderly. If a person is above the age limit for the particular PPI company and is sold PPI then yes this is an illegal sale of PPI. Most payment protection companies have a specific age that they cut people off at. Some of the time it is 70 but most commonly the age is 65. If a person who is above the age limit finds that he/she has been sold and is paying for PPI then reclaiming PPI will be the best move for that individual. To be honest there seems to be no worse crime than taking advantage of an elderly person on a fixed income and anyone who does this ought to be ashamed of him/her self. It must be difficult enough to be in your golden years trying to repay a loan but to be fooled into a higher expense than necessary and for no reason is really just too much.

What Happens if I Just Stop Paying PPI?

Unlike other types of insurance cover, PPI is attached to the total amount of your loan. This means that you cannot simply, choose not to pay it or you will wind up being in default on the loan. Instead you must seek out some sort of advice from a professional as to how to get back bank charges and file for a PPI claim so that you can get a refund and cancel the PPI policy. Usually the first step is a letter to the lender expressing interest in cancelling the PPI policy. If the lender will not do this then other, more aggressive steps must be taken.

Belmont Thornton can handle any and all of the situations mentioned above. We are the leading PPI Claim Company in the UK and we will not stop working for you until every possibility of getting you a PPI refund has been exhausted. If you have to ask the question "is PPI illegal?" then you've definitely come to the right place.

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