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PPI Payment Protection Insurance

Sometimes it just seems like there is no escaping PPI payment protection insurance because it is everywhere and no loan is seemingly immune to it. Lenders of all sizes have mis-sold PPI payment protection and now many are being forced to pay PPI refunds. A Financial Services Authority investigation highlighted many issues . As a consequence, several lenders were fined. There must be a point where the financial industry will step back, take a stand and say "No more!" As it stands, that doesn't appear to be in the works any time soon so borrowers will need to be cautious when getting new loans and will need to go over existing loans with a fine tooth comb.

Why has PPI Payment Protection Insurance caused such a scandal?

PPI payment protection insurance is meant to make payments on loans if you are out of work for covered reasons, but the problem is, it is expensive and has a great many exclusions! Exclusions range from back injuries to maternity leave and furthermore.

What Can Be Done About Mis Sold PPI?

Unfortunately, about the only thing which can be done about PPI payment protection is to file a claim against the lender if it can be proven that the cover was mis sold. At that point, either the lender would approve the claim or you would need to appeal it with the Financial Ombudsman Service but if the claim was awarded to you then you would be entitled to a PPI refund. One thing is for certain; you cannot stop paying on PPI payment protection insurance because it is tied up with your monthly instalments. If you just stop paying you will default on the loan.

You can choose to file a PPI claim against the lender who mis sold you PPI payment protection or you can utilise the services of a professional claims company. A professional claims company can file your claim, communicate with the lender, negotiate settlement, file an appeal and also order any documentation which might become necessary to fight to reclaim PPI. Belmont Thornton has a team of well qualified claims handlers on hand to answer any questions you might have. Either fill out the online contact for or give them a call today on 0207 471 2000.


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