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Overdraft Protection Insurance

Finding out that you have been mis sold a payment protection insurance policy on your bank loan is bad enough but also finding out that you have also been paying overdraft protection insurance on your bank account that you didn't know about is almost more than you can bear. Unfortunately, this is one area of the lending industry that many people fail to look at for hidden bank charges when searching for mis sold PPI. Overdraft protection insurance is very like PPI and mis sold just as often as loan insurance is. In the UK consumers are urged to file a claim with their lenders for a refund if they have been mis sold any of these types of policies.

Mis Sold Overdraft Protection Insurance

Actually, mis sold overdraft protection insurance works a bit differently than mis sold loan insurance. Although it is similar to PPI, it doesn't have the same types of exclusions that PPI has. For example, overdraft protection insurance wouldn't exclude self employed, temporarily employed or unemployed persons. The reason for this is because there is no need to cover job loss as there are not payments to protect! Overdraft protection insurance is meant to cover cheques that are written when there are insufficient funds in the account. Whether or not the account holder is working is irrelevant. What is important is whether or not the person makes an occasional mistake and overdrafts his or her account.

Was Cover Added without Your Knowledge?

Without overdraft protection insurance the cheques that were written on the account simply won't get paid. This can devastate the account holder's credit and the bank may even close the account. With overdraft protection insurance those cheques will get paid and his or her credit will remain intact. As well, there is usually an overdraft fee that would be assessed if the account holder didn't have overdraft protection. These are the benefits of overdraft protection insurance which are really worth having. The controversy arises when banks choose to add this cover without giving the account holder the option to deny cover.

Consider Filing Through a PPI Claims Company

When you have been mis sold loan insurance you are entitled to file a claim to have PPI refunded to you. Reclaiming PPI on mis sold overdraft protection insurance, on the other hand, probably won't yield a very high payout because it only costs a matter of a few pounds each month. However, you may be entitled to a refund nonetheless.

For any questions you may have about mis sold Payment Protection Insurance, contact Belmont Thornton on 0207 471 2000.

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