Mis Sold Personal Loan Protection
Taking out a personal loan in the UK is not always an easy feat however once you have established credit to qualify for a personal loan there is no way a lender should tell you that you need to carry personal loan protection because there is just not true. Is your credit that makes you eligible for a personal loan which is why mis-sold personal loan protection is an ongoing problem. If you have been mis-sold personal loan protection in the past 10 years you may qualify for a PPI refund. Even so, the first thing you have to do is prove that you have been mis-sold personal loan protection.
How Lenders Are Misselling PPI
In the UK lenders are required to disclose anything that is pertinent to personal loan protection insurance whether it is in terms of cover or in terms of cost. As evidenced by so many cases of mis sold personal protection insurance not
all lenders in the past always did this. In fact it is estimated there are may
be as many as 2 million cases of mis sold payment protection insurance. Sometimes lenders
mis-sold PPI to consumers who have pre-existing medical conditions, are over the age of 65 or are temporary employees
and who were; therefore, unable to use it. These conditions exclude that policyholder from cover and such a policy should never be sold. Other times, borrowers
had PPI cover added to their loan without their knowledge which also constitutes being classified as mis sold personal protection insurance. Whenever it is determined that PPI cover has been mis-sold then PPI refunds are to be awarded.
Appealing Mis Sold PPI Denials
Unfortunately, there are times when lenders deny the mis sold PPI claims they
review. This leaves consumers no option but to file an appeal with the Financial
Ombudsman Service. If there is a ray of hope in all this, the FOS is completely
independent and you are guaranteed a fair review of your case. The only aspect of filing for an appeal (besides fear of losing the appeal!) that consumers don't appreciate is being put on hold that much longer. Although the FOS tries to handle appeals as quickly as possible, you need to remember that literally thousands of claims are sitting there at any moment waiting for a decision on the appeal.
If you need assistance filing a PPI claim you can talk to the claims team at Belmont Thornton. Belmont Thornton / Belmont Thornton is registered with the Ministry of Justice which means they are in full compliance with UK law. For further information or to start your claim today, call 0207 471 2000
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