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PPI Fines

With payment protection insurance the borrower should feel a sense of relief knowing that any financial problem which may arise as a result of being out of a job because of redundancy, accident or sickness will be taken care of by this protection insurance. Sad to say, this is not always the case however the Financial Service Authority has effectively gotten involved since 2006 and the results have been PPI fines for lenders and financial companies. Consumers/borrowers and advocate groups were pleased that something was finally being done to address what had been an ongoing problem for some time.

Lenders Fined for Inappropriate PPI Sales

Within the year 2006 there were many investigations to determine the fairness and accuracy of payment protection insurance being sold to individuals requesting a loan from an institution. The results of these investigations were damaging since it showed many inconsistencies with the expectation of what happens when PPI is sold to an individual. Since this discovery, The Financial Service Authority has administered PPI fines to many companies which offer financial services. Some of the PPI fines to date have been paid by lenders such as Alliance and Leicester, HFC, Capital One, Land of Leather and Liverpool Victoria. These companies were all fined for some form of negligence or lack of care as it relates to PPI sales. In some cases telephone sales were involved and this was being done untrained and unmonitored staff. The PPI fines ranged from hundreds of thousands of pounds to millions of pounds and as a result of these PPI fines other lending institutions began taking the sale of PPI seriously.

Consumers Claiming Back On PPI

The disclosure of these PPI fines certainly increased the awareness of the situation and borrowers from these and other lending institutions paid a little more attention to their loan details. It was at this point that many borrowers realised that they were unknowingly paying towards payment protection insurance. Others realised that all the fine details had not been explained and upon review saw that they would not benefit should there be a financial crisis. Yet others simply did not fit the description of individuals to whom PPI could be sold. Each affected individual now wanted to file a payment protection claim against the relevant lenders.

Individuals affected as far back as 2005 can reclaim PPI from lenders providing it is established that the PPI was unfairly sold to the borrower. This process can be initiated by the borrower communicating directly with the financial institution or placed in the hands of a reputable and recognised PPI claim company such as Belmont Thornton. The team at Belmont Thornton - Belmont Thornton can initiate the reclaim process within 24 hours and have a settlement in place within eight weeks in many cases. The claims team is standing by to receive that important telephone call from you at 0207 471 2000.

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