Missed Sold Payment Protection
Sometimes it is extremely difficult to determine whether or not you have been missed sold payment protection. It isn't always a matter of not knowing it's on the policy because not all lenders are quite that underhanded - almost but not quite! What some lenders do is ask you if you want this cover and then they go on to misrepresent what payment protection insurance is all about. In the end it only covers roughly 13% of all people who hold policies which is why it is most often a case of misrepresentation on missed sold payment protection.
Reasons Why It Is Difficult to Claim Cover
In the first place, lenders know that there are so many exclusions that very few people are ever eligible for cover and there is no excuse why they continue to push it on an unsuspecting public. Nonetheless, they are continually selling payment protection to those who are self-employed, temporarily employed and even to the unemployed. These three groups of people are always excluded from payment protection cover and amongst the most commonly missed sold payment protection policies. Pregnant women are often sold payment protection believing that when they are out on maternity leave the cover will kick in and make payments on the loan. This is never true and in all of these cases consumers are forced to file PPI claims.
Things to Know about Filing Missed Sold Payment Protection
Whether you have tried to make a claim against a policy or suddenly discover that your paying for something you never knew existed the first thing you need to do is get a hold of your original loan documents. However, never send your original documents to your lender when filing a claim. Chances are that your lender will deny your claim the first time around and it will need to go through the appeals process with the Financial Ombudsman Service. It is here that you will need the original loan documents and only the original loan documents because the Financial Ombudsman Service does not accept photocopies. This detail may be one of the most important things you need to know about filing missed sold payment protection. Your lender is only required to keep their copy of your original documents for six years. If the loan originated more than six years ago your lender probably will not have a copy. In any case your copy will suffice with the FOS.
The PPI reclaim procedure isn't hard to understand but it can be difficult to make it happen. Lenders can make themselves very scarce when it's time to give you money but when you owe them money there on the phone night and day. Belmont Thornton has helped literally thousands of people file successful claims against lenders in the UK and it only takes one phone call to get your claim started. Call the claims team today on 0207 471 2000 to speak with a professional claims specialist. The sooner you file a PPI claim against your lender the sooner you will be able to reclaim money you have spent on a missed sold payment protection policy.
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