What Does PPI Stand For
Anyone who lives in the UK would probably not need to ask "What does PPI stand for?" simply because there has been so much in the news regarding the PPI racket, as it is referred to by the Citizens Advice Bureau. However, for anyone who hasn't taken out a loan within the past six to ten years or qualified for a new line of credit, the term PPI may be a bit elusive. It actually stands for 'payment protection insurance' which is a type of cover that provides loan repayments if the policyholder is suddenly without income as a result of becoming unemployed, ill or injured. That is what it is supposed to stand for, but if you ask anyone who has ever had the misfortune of having purchased payment protection, "What does PPI stand for?" they will be quick to agree with CAB. It stands for the biggest racket to ever hit the lending industry in the UK.
What Does PPI Stand for When You Have Been Mis Sold Cover?
If you have been mis sold PPI by a lender, PPI stands for the need to file a refund to get your money back! Of course, claiming back bank charges isn't always as easy as you think it might be, but it is important to do if you have spent what could amount to thousands of pounds on an insurance that you couldn't use, didn't want and in many cases didn't even know that you were paying for until it was too late. It stands for the fact that lenders have found a way to increase their profits in one of the most underhanded ways that doesn't take into account the needs and wants of the consumer. For this reason, the government ruled that if any consumer has been mis sold payment protection insurance it is his or her legal right to claim back PPI premiums and interest.
Proving PPI Was Mis Sold
Of course you will need to know how it was mis sold to you. Perhaps the lender told you that it would be easier to qualify for the loan if you purchased payment protection or perhaps the lender told you nothing at all. Many complaints in regards to mis sold loan protection stated that they were not told a payment protection premium would be added to the loan and when they noticed inordinately high monthly repayments they found PPI had been added without their knowledge or consent. Sometimes the lender didn't interview you as he or she should which is a grave error on their part. Some people have pre-existing medical conditions that would exclude them from cover. If for any reason you would not be eligible for cover and the lender sold you payment protection anyway, you can consider that the policy was mis sold which gives you grounds to file a claim for a PPI refund.
What does PPI stand for to the PPI Claim Company? It stands for an injustice that we can help to rectify. Belmont Thornton has helped thousands of UK consumers claim back PPI and there is every reason to believe that we can help you claim back what is rightfully yours. We do not ask a deposit in advance as we work on a no win no fee* contingency. If you feel you have been mis sold payment protection and are ready to claim back what you have paid into premiums and interest, call the claims team today on 0207 471 2000.
blog comments powered by