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Watchdog PPI

From 2010 to 2011 The Financial Ombudsman Service (FOS) handled an all-time high of more than 200,000 complaints, half of which were directly related to PPI. If you were made to believe that a PPI policy was a compulsory element of your loan, or that would somehow improve your chances of being approved for a loan, you were mis-sold a policy and should attempt to claim back PPI as soon as possible. Unfortunately, studies have shown that nearly 40% of policyholders are not even aware that they have the policy, and about 85% of policyholders are denied approval, giving PPI the highest claim denial rates of any type of insurance. Thus, the Financial Services Authority (FSA) has criticised insurance companies and lenders for working together in overselling an overpriced product that typically does not provide repayment assistance to the majority of its policyholders, which is why so many have been successful in claiming back bank charges related PPI.

Watchdog Organisations Issue PPI Regulations

Several watchdog PPI organisations, including the Financial Ombudsman Service (FOS) and the Citizens Advice Bureau (CAB), have issued new regulations governing the sale and underwriting of PPI policies. You may want to consider claiming back personal loan protection payments if your lender failed to fully describe the coverage eligibility requirements and exclusions for the PPI policy, or did not adequately inform you of the cost of the policy. Policyholders were supposed to be deemed ineligible for PPI policies if they were over the age of 65, under the age of 18, self-employed, working on a temporary/contract basis, enrolled in a full-time education, or already had a similar policy in place with their employer at the time of loan signing. Those that were sold a policy despite the aforementioned eligibility requirements should attempt to claim back PPI payments immediately. If it can be proven that you were mis-sold a PPI policy you should be successful in claiming back personal loan protection payments.

Watchdog PPI Statistics - The Growth of PPI Mis-Selling

Lenders now have to follow guidelines in order to sell customers policies that are suitable for their circumstances, while insurance companies are required to make their eligibility requirements clear, and are encouraged to honour a larger percentage of policyholders' claims. The facts revealed by the investigations and studies into the mis-selling of PPI policies which were conducted In 2006 several financial authorities conducted thorough aforementioned studies shed light on the extent of PPI mis-selling in the United Kingdom and have resulted in tens of thousands of citizens claiming back personal loan protection in the last couple years. The studies revealed that nearly 95% of the policies reviewed were mis-sold, which is a startling statistic considering there are more than 20 million PPI policies currently in existence in the United Kingdom, and each year 7 million more are sold.

Watchdog PPI Warnings Causing Bank Fines and PPI Refunds

The fact that established banks can be fined and reprimanded for PPI mis-selling should give you the confidence needed to begin claiming back personal loan protection with the assistance of a qualified PPI claims firm like Belmont Thornton. Several well-known financial institutions in the United Kingdom have been fined millions of dollars by the FSA for PPI mis-selling, in addition to being forced to refund the payment protection insurance payments of policyholders. Aside from reducing your monthly repayment costs and lowering the possibility of incurring significant amounts of debt, claiming back personal loan protection can give you the funds needed to repay debts that were supposed to be covered by PPI repayment assistance.

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