PPI Claims Scams
Although payment protection insurance (PPI) is not always a scam, in the past
some lenders have mis-sold it to borrowers that did not need it or who were not eligible for it. In fact, the Financial Services Authority (FSA) fined several major banks,
credit card companies and retailers for mis-selling payment protection insurance. Other authorities such as the Financial Ombudsman Service (FOS) have also been cracking down on mis-sold PPI policies.
Unfortunately, many times the only way to determine whether or not your loan or
credit card automatically includes a mis-sold PPI policy is to check the fine
print of the loan or card contract. However, there are some cases in which the
lender will try to verbally convince you that PPI is necessary, beneficial, or
even mandatory for loan approval. Lenders may use various phrases to describe
payment protection insurance, including payment protection, protective
insurance, and loan insurance. These terms make the policy sound like more of a
necessity and pressure borrowers into signing up for PPI based on their own
insecurities and lack of knowledge. It is for this reason that many people have
dubbed these type of policies PPI claims scams.
If you have been mis-sold a policy, you have the right to make a
payment protection claim.
If you feel you have been mis-sold a policy, or have just discovered that you
have been paying for payment protection insurance unknowingly, you may want to
contact a PPI claims company. If you have any documentation related to the insurance policy, such as monthly statements or policy agreements, be sure to provide them to Belmont Thornton to expedite the process. The job of a claims
company is to analyze and represent your case in order to maximize your chances of reclaiming all of the funds lost, as well as
interest where possible.
To help prevent these type of 'PPI claims scams' occuring the Financial Service
Authority have introduced new guidelines for the sale of payment protection
insurance. I you have been sold a policy in the past, though, you are urged to
make a complaint.
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