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PPI Legislation

Playing by the rules is not something that is new to you as an adult, rather as a child many of us are taught that we should play by the rules. Some common rules as children were no running in the house, do your homework, and the most important rule was to treat others as you would like to be treated. Unfortunately for borrowers, it seems as though some of the United Kingdom's banks, loan offices, and credit card companies have not learned the value of playing by the rules. A large majority of the companies failed to adhere the guidelines when they mis sold payment protection insurance (PPI) ushering in a wave of PPI legislation. As a result of so many United Kingdom citizens being mis sold PPI, the FOS (Financial Ombudsman Service) and the FSA (Financial Services Authority) are working with the government for PPI legislation to ensure that all of the policyholders that were wronged get fair financial compensation for the monetary loss attributed to being mis-sold a PPI policy.

Lenders versus Borrowers

In some cases the rules that were broken by the lenders were broken to such an extreme that PPI legislation has become necessary to stop what on the surface seemed to be a good idea, but in actuality was one of the biggest scandals the United Kingdom has ever seen. Considering, that there are millions of citizens who have been taken advantage of in the same fashion there is no question that there is a need for PPI legislation.

As a whole, it is more financially difficult to succeed now than it used to be. With the additional financial hardship placed on many of the United Kingdom's citizens by the financial institutions who told us payment protection insurance was a way to help during the troubling times in life, it just seems unbearable. Luckily, there is PPI legislation in place for citizens who can prove that they were indeed a policyholder and were mis-sold payment protection. This PPI legislation is in effect to help them recoup money lost in the process of getting a policy, paying for policy and time lost trying to get a refund.

Belmont Thornton, Belmont Thornton, operates on a no win no fee* basis. Call 0207 471 2000.

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