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PPI Mis Sale

Payment protection insurance (PPI) by far is the most controversial scandal or scheme in recent years. PPI lenders have made a bad name for themselves in the financial world by doing a PPI mis sale resulting in many policyholders needing to file PPI claims. Lenders made so many PPI mis sales  that in 2010 alone there were nearly 50,000 complaints against the lenders who sold payment protection insurance, a number that was almost double the previous year's count of 30,000 complaints. It seems as though if you took a loan, got a credit card, or bought a car then you may have been a victim of PPI mis sale.

What Constitutes a PPI Mis Sale

There are numerous ways in which a PPI mis sale may happen. First of all, you must be a borrower in some shape or form including but not limited to, bank loans, payday loans, car loans, credit cards, and a mortgage. The reason for this is because payment protection insurance, loan insurance, or loan protection insurance is normally sold by lenders at the same time they lend money to consumers for any of the aforementioned reasons. The purpose of this form of insurance is to protect the borrower in the event that they may lose their job or become terminally ill that they can rest assured the payments they would normally make to their respective lenders will be paid even if they cannot. Of course this is also contingent upon whether or not they pay their monthly payment protection insurance bill.

Everything was good until a lender made a mis sale. The main ways in which lenders mis-sold payment protection insurance was to misinform the borrower as to how much the policy may cost, wrongly telling the customer PPI insurance not optional, and leading a senior citizen to sign up for payment protection knowing that they were past the age requirements set to receive coverage. Lenders were also letting someone sign up for loan protection who was unemployed at the time the loan was closed upon and some went so far as to not even let the prospective client know that they were signing up for payment protection, any of which, could constitute a PPI mis sale.

If any of the previous ways in which a PPI mis sale may occur seem as though it may be applicable to you don't feel bad there is good news for you. In the wake of the numerous PPI mis sales, there've been a large amount of companies that have opened with the sole intent of helping borrowers receive proper financial compensation for monies lost as a result of mis sold PPI by lenders. These companies known as PPI claim companies have experts who are very knowledgeable in the area of payment protection insurance and many, like Belmont Thornton also work on a no win no fee* basis. This is the best news of all!

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