Wrongly Sold PPI
There are a lot of reasons why the economy is gotten so bad over the past several years, but being wrongly sold PPI only added to the problem. Not only are consumers spending money that they can ill afford lenders are also needing to pay that money back according to UK law. Unfortunately, this could be one of the reasons why the economy is so bad in the first place. On the one hand borrowers who have been sold payment protection insurance feel that the reason the economy is in the states is in is because of lenders selling them a product that was both expensive and unwanted. On the other hand, lenders don't feel that they wrongly sold PPI because in theory payment protection insurance is a good thing. They were only trying to help, weren't they? Maybe, maybe not.
Could There Have Been an Ulterior Motive?
Let's look at what PPI is and why there is every possibility that some lenders did, indeed, have some type of ulterior motive when they sold PPI to a good many consumers during the loan process. Payment protection insurance is a specific type of cover that will make loan payments for eligible borrowers when they lose income either from loss of work or illness. The operative word here is 'eligible.'
Many people are not eligible. So what was the ulterior motive in wrongly sold PPI? Perhaps they sold PPI to increase the bottom line of the loan. Remember, payment protection
is paid with a onetime premium at the time of closing. In other words, the
borrower not only borrows money for his or her own purposes but is also
borrowing money to pay the insurance!
Remedies for Wrongly Sold PPI
Since the scandal has been widely publicised, one of the main concerns is how to remedy wrongly sold PPI. Whilst the government has mandated that lenders are supposed to refund money from mis sold PPI, that does nothing about the future policies being sold. Of course payment protection claims are allowing consumers to get their money back, but this isn't doing anything to put a stop to the selling of future payment protection policies to those who cannot benefit from it. Perhaps the best remedy is doing what you are doing right this moment and that is to learn all you can about PPI and
making a claim. The efforts of consumer advocate groups are certainly raising public awareness but perhaps just not enough. Lenders are still mis selling PPI and consumers are still buying it.
If you feel that you have been wrongly sold PPI then it is up to you to do something about it. Take a few moments to call Belmont Thornton to talk to a
member of the claims team about getting that refund you so deserve. The consult is free of charge and even if you choose to file through Belmont Thornton you will not be charged a fee until your claim is awarded
with a no win no fee* policy.
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