Loan Protection Solicitor
During 2008 only 10,000 PPI complaints were brought before the Financial Ombudsman Service (FOS), yet only one year later that statistic rose to close to 31,000 claims being filed against unscrupulous loan protection solicitors that were found to be responsible for mis-selling payment protection insurance policies. This year, at least sixty to seventy thousand UK citizens will succeed in claiming back PPI on financial products. During the past two years alone more than 14 million PPI policies have been taken out, resulting in several billion pounds in premiums for insurance companies.
Are the Services of a Loan Protection Solicitor Necessary?
Unless you are in need of extensive legal counsel, contracting the assistance of a PPI solicitor may not be the most affordable or ideal solution. In fact, PPI solicitors can be somewhat costly. In 2006 several financial authorities conducted thorough investigations and studies into the mis-selling of PPI policies. Nearly 60% of the events assessed by the FOS in 2010 pertained to PPI policies attached to loans, with the remaining forty percent were associated with home loans and credit cards. Even though payment protection insurance policies could possibly make up approximately 13 to 56 percent of the original amount borrowed, fewer than 15% of clients receive repayment assistance, and are instead forced to claim back PPI. Filing through a solicitor who requires an upfront retainer/deposit could result in significant financial hardships on a consumer who is already out much money spent on mis sold PPI.
What Your Loan Protection Solicitor Didn't Tell You
Although loan protection solicitors will attempt to portray professionalism by making vague promises and charging exuberant hourly fees, many of them fail to educate clients about basic facts related to PPI. There are currently an estimated 30+ million PPI policies active within the United Kingdom alone, with approximately 40% of them being attached to credit cards or mortgage loans. Although loan protection solicitors may charge borrowers as much as 15 to 50% of the total loan amount for a PPI policy, more than 85% of policyholders are denied repayment assistance in times of need. In addition, studies have shown that more than a third of policyholders are not even aware that they have the policy, and more than 90% of individuals that are aware of the policy purchased coverage based on misleading information provided by their broker, lender, financial institution, or credit card company.
Loan Protection Solicitor vs. The PPI Claim Company
Starting the process of claiming back bank charges related to PPI is as basic as completing a claim pack and taking part in a free consultation with a PPI professional. Unlike most loan solicitors, The PPI Claim Company will represent you on a no win no fee* basis and will require no upfront retainer before going to work for you. As well, we seek to educate our clients so that they don't fall prey to the same underhanded sales tactics year after year. A solicitor may or may not give you the ammunition you need to ward off future attacks form a less than ethical lending industry. If you have a mis sold PPI claim to file, contact the claims team on 0207 471 2000 and get in on the fast track to filing mis sold PPI.
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