Mis Sold Mortgage PPI
It is estimated that many more people may have mortgage protection insurance than actually know they have it. The reason for this is because over the past 10 or so years
some mortgage lenders may have mis sold mortgage PPI to some consumers without
their knowledge or consent. There are number of ways in which this happened but
the fact of the matter is, mis sold mortgage PPI is this appears to be a
Mortgage Lenders' Role in the PPI Scandal
Literally every aspect of the lending industry has been impacted by the PPI scandal that has been all over the news within the past several years and mortgage lenders are not immune from the controversy.
It has been found that some salespeople may have either misled potential borrowers by promising cover they could never hope to claim on or simply added mortgage protection insurance on to a mortgage loan without advising the consumer that he or she is not required to have this cover. This is a case of mis selling the cover and the borrower would most likely qualify to reclaim bank charges paid on the PPI premium.
On the surface mortgage loan protection insurance sounds like a good thing and why shouldn't it? The whole purpose behind mortgage insurance is to provide payments in the event that the homeowner should suddenly
lose a job because of involuntary unemployment, sickness or accident. However, this
type of cover does not always provide the level of cover customers expect and
many people may actually be ineligible to use their policies.
What Can Be Done about Mis Sold Mortgage PPI?
Although the only thing each consumer can do about mis sold mortgage PPI on a personal level is to understand reclaiming PPI in order to get a refund and then each consumer can lodge a formal complaint.
Whilst you are reading this you may not even know that you are the target of mis sold mortgage PPI. What you can do about mis sold mortgage PPI is to take a close look at your mortgage loan documents.
Since mortgage PPI can cost anywhere from 20 to 56% of the total amount
borrowed, it may be a high figure indeed! When you are ready to file your claim against mis sold mortgage PPI, contact the claims team at Belmont Thornton. The can give you much needed advice and can file your claim on the fast track. And remember, this company is registered with the Ministry of Justice and operates on a no win - no fee basis.
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