There are millions of PPI claims against lenders, some of which have been resolved and many of which are still ongoing. These claims are not against PPI policies that resulted from legal and ethical PPI sales but from the mis selling of payment protection insurance as part of the lending process.
Breaking the Rules of PPI Sales
Although loan insurance should be a very good thing, it was
often not designed well meaning many customers were unable to use their policy
or were left paying for something they didn't really need. PPI sales skyrocketed in the UK over a ten year period and many analysts were amazed at just how many policies were written. Unfortunately, the answer to that came in the form of a major complaint being filed against UK lenders by the Citizens Advice Bureau.
The complaint revealed that many of the recorded sales may have actually been
mis-sales and that many people may be entitled to make a claim. Many of the policies were
sold to consumers who didn't want them, couldn't use them or simply didn't know
they were being sold!
Specific problems with PPI Sales
Some specific examples of the way in which loan protection insurance
has been mis-sold include: where a customer was pressured into taking out a
policy, where the customer was, wrongly, told they had to have the cover, where
it was added without their consent and where they were not made fully aware of
the costs or conditions of their policy. Mis-sales also occured where customers
were sold policies they did not need, for example because they were in stable
employment or had cover in place elsewhere. Other customers were sold policies
they were ineligible to use because they were self-employed, aged sixty-five or
over or had a serious pre-existing medical condition.
If you feel your lender failed in your PPI sales and were in fact mis sold PPI cover, you have the legal right to file a claim against the lender who sold you that cover. Also, if you are unsure how to proceed with a PPI claim for a refund you can contact The PPI Claim Company on 0207 471 2000
to get professional help filing a claim.
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