Payments Protection Insurance
One of the unfortunate things about payments protection insurance is that in concept it is a good cover but in reality it has been mis sold so much that the entire type of insurance has gotten a bad name. If you were to think about all the good payments protection insurance could do for the right borrowers, it doesn't sound like a bad thing. It was actually meant to go into effect under certain conditions when consumers lose their job or are temporarily without income due to illness.
PPI Sold to Borrowers Who Couldn't Claim
Unfortunately, it was sometimes sold to borrowers who could never hope to make a claim because of such things as pre-existing medical conditions or being self employed when the policy was sold. Similar to health insurance policies, there would be no cover for any situations that arise from a condition that was previously diagnosed. Unfortunately, due to a lack of training and internal processes many unsuitable customers were still sold the cover.
Lender's Responsibility of Disclosure
In order to make a payment protection claim it must first be established that the payments protection insurance was mis sold to the borrower when taking out a loan. Whether that loan was for a car, a new home or a holiday, it is the responsibility of the lender to explain the policy to the borrower.
Thousands of PPI Claims Being Filed
There are literally thousands of complaints lodged regarding mis sold payments protection insurance and the numbers are expected to increase substantially over the coming months.
If you have been mis-sold a payments protection insurance policy you can start your claim today. Simply complete our quick claim form or call our team on 0207 471 2000
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