Mis Sold Mortgage Claims
Whilst all lenders have been guilty of misselling loan protection insurance mortgage lenders are one of the groups widely targeted for this unethical practice. Consumers are beginning to closely inspect any mortgage loan documents they have which originated within the past 10 years. So many mortgage lenders
may have mis sold mortgage protection insurance that there are now literally tens of thousands of mis sold mortgage claims and each of these borrowers are now claiming back bank charges.
Misselling Mortgage Loan Insurance
It is in any wonder how there are so many mis sold mortgage claims because it is quite obvious that a good number of mortgage loans within the past decade were sold with loan protection insurance. In fact, some of these consumers didn't even know they were being sold the cover. On the other hand, some consumers were told that their chances of getting a mortgage were much better if they had loan protection insurance whilst others were told that getting a mortgage was contingent upon purchasing loan insurance.
Payment Protection Premium Added to Loan Payment
Unfortunately, the sad part about having been mis sold mortgage insurance is the fact that it comes with a one-time premium which is added to the total loan amount at the time of closing. For this reason you cannot just stop paying on it once it has been discovered that you were mis-sold mortgage protection insurance. Keep in mind that every month as you make your mortgage payment you are not only paying on unpaid principal, interest and financed charges but you are also paying on your loan protection. That one single payment every month includes everything. Should you not pay the portion that goes to the insurance premium you will most likely default on your mortgage loan and your lender can foreclose on your property.
Defaulting Could Mean Foreclosure
Mis sold mortgage claims are pouring in by the thousands is UK consumers realize they have been mis-sold this cover and are entitled to claim back PPI. Perhaps of all the types of mis sold loan insurance, mis sold mortgage insurance is the worst of all. With other types of loan protection insurance you can default on your loan but with mis sold mortgage insurance you can lose your home.
If you are among those who have been mis sold mortgage insurance you can join others in filing mis sold mortgage claims. The PPI Claim Company as a team of claims
handlers on hand at all times to answer any questions or concerns you may have. We work on a no win no fee* basis so that you will only be charged once we have won your claim for you. To get started today call the claims team on 0207 471 2000.
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