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Unfair PPI Charges

In this world it seems that if you are not constantly watching everyone you do business with and paying attention to every detail, you may miss very important things. Life can be very busy and often we just do not have the time or inclination to keep track of everything. However, not doing so can result in some very undesirable situations, such as unfair PPI charges. PPI which stands for payment protection insurance may be added to all of your loans, whether they are mortgage loans or credit card loans. In some cases this cover is added secretly and unbeknownst to you. Obviously, if this happens, then any and all fees would be unfair PPI charges. In other cases the PPI is pretty much forced on the borrower, either through the use of crafty sales tactic or through fear tactics. Either way, if PPI is sold to someone who is unwilling but feels as if they have been left without a choice, this is grounds for mis sold PPI claims.

Who Cannot Be Covered Under PPI and Why Is It Being Sold to Them?

No one who works at a job which is considered temporary or part time can receive cover under payment protection insurance yet these people are being sold PPI every day by various lenders. In addition, people over the age of 65 cannot be covered under PPI but they too are being sold the cover without the lender batting an eye. Anyone who is sick with a pre-existing condition is automatically considered ineligible for cover yet like the rest they are being sol payment protection insurance. The reason is simple. Lenders are making money off selling PPI to all the borrowers who walk through their door. In fact some of the lenders actually run their own payment protection insurance company.

Is There Not Some Regulation or Mandate?

Whilst the Citizens Advice Bureau (CAB) has begun giving this matter a lot of attention and focusing on unfair PPI charges, we are quite a long way from any real mandate prohibiting the misselling of PPI. It is true that banks are being fined and penalized for selling PPI to someone in an irresponsible or misleading way but that does not seem to be stopping them from continuing to sell it. In fact, it is estimated that in the year 2011 alone there will be millions of pounds tied up in PPI refunds. It is also estimated that the following year could double in the amount of unfair PPI charges that are being disputed.

A PPI refund is simply an amount of money that is given back to borrowers who have been paying unfair PPI charges for any length of time. The longer one has paid into such a policy the better the refund may be. Belmont Thornton, Belmont Thornton can assist you in filing and claims you have against lenders who may have sold you PPI under false pretenses. We do not charge anything at all unless you get a refund so if you are worried about spending additional money, don't. We are here to help you maximize the chances of getting a refund and we know that we only get paid if you win.


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