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PPI Mis Selling Companies Fees Charged

Loan insurance, loan protection, or payment protection insurance (PPI) are terms used when referring to a form of insurance that offers financial coverage over money borrowed. The thing that complicated these types of insurance was the fact that many policies were mis-sold and, as a result, many customers may be entitled to make PPI claims.

PPI Mis Selling and You

PPI mis selling has been going on for nearly a decade. In most cases when a loan, credit card, or mortgage was taken out the borrower was offered a form of payment protection insurance. This type of insurance was intended to help the borrower, but not everyone needed or wanted the cover. PPI mis selling could be a product of many things such as:

  • Lenders not letting prospective policyholders be informed that a payment protection, loan insurance, or loan protection policy is not mandated.
  • Lenders not informing future policyholders that if you have a pre-existing medical condition at the time you signed up for payment protection insurance is you automatically disqualified for coverage.
  • The lenders allowing students, unemployed, or self-employed citizens signed up for payment protection insurance understanding that someone in this financial position is not qualify for loan protection.
  • Borrowers being told that if they do not participate in getting loan insurance them they would not be able to receive the loan that they are applying for.
  • Lenders at the time of application putting payment protection in the borrower's name without consent.
  • Lenders not advising prospective policyholders and as to the cost of the protection.

In the event you find you have been mis-sold a loan protection, loan insurance, or payment protection insurance you should gather all information pertaining to the policy and the loan the policy was taken out on and attempt to obtain a PPI reclaim. The PPI reclaim is where if you have been wronged by the financial institutions in the form of PPI then you are entitled to receive all the money that was paid for PPI and there are companies who will aid in this process.

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