Mis sold PPI and the Victims Right To Be Compensated

Borrowers who were victimized by mis sold PPI are legally eligible to have their fitting compensation to the banks who sold the insurance policy to them. With the help of people who are considered proficient in this field such as claims lawyers and solicitors, borrowers can have greater chances of claiming back their rightful remuneration.

There has been much buzz lately concerning about mis sold PPI after the Financial Services Authority revealed that they discovered massive flaws in the selling of the payment protection insurance or PPI. The insurance policy was sold to borrowers without them needing, wanting, asking or worst, without benefiting from it. Some even didn’t know that they were already paying for the insurance while some were forced to purchase the policy in exchange of the privilege that will be granted for a loan. There are numerous ways PPI can be missold that is why it is advantageous for any borrower to know this ways.

Payment Protection Insurance or most commonly known by its acronym as PPI is a type of insurance policy that is sold and paid monthly along with other loans, credit cards or mortgage. The primary purpose of PPI is to serve as an emergency payment cover-up in periods of time wherein any borrower will be unable to pay for his monthly monetary obligation because of certain inevitable events such as sickness, illness, environmental catastrophe or loss of job. Amidst the beneficial purpose of PPI to every loan, it became one of the main reasons why bank institutions committed malpractice in their duties. But glad to say, every victim in this issue is legally entitled to claim for their compensation in no time.

One cannot deny that the nature of the process of PPI claim is daunting and complex especially to borrowers who do not have enough background behind the matter but with the help of claims lawyers or solicitors, the process can become simple and hassle free to every borrower. They are task to iron out all the necessary paperwork details and other legal transactions and protocols. With their aid, the claim can have faster process with greater probability of a successful outcome. 

Reclaim PPI Charges for Mis Sold Policies Now

The current level of public awareness of the PPI saga is very high yet there are still many people who remain oblivious to the fact they can reclaim PPI charges for mis sold policies. This article aims to help you understand what PPI reclaims are and how the saga unfolded.

Payment protection insurance, to give PPI its full title, is a term that covers a variety of insurance policies that are common in consumer finance. The PPI policy is designed to give a borrower who, through no fault of their own, finds they are out of work a way of keeping up payments on a loan, mortgage or other credit agreement. If you have taken out such a loan in recent years you may have agreed to a policy of this sort, and it may not have been sold to you in the correct manner.

While it is normal practice for borrowers to be asked to take out such policies – and in some cases is even a standard requirement – the way in which some policies has been sold to borrowers over recent years has been found to have been unlawful, and as such many people have taken the opportunity to reclaim PPI charges. If you are aware that you have a PPI policy and can remember when you took it out you need to consider the details of the transaction; the most common case for successful reclaims has been an instance where the lender convinced the borrower that they needed to take out an insurance policy provided by them in order to be granted the loan. In fact, it has always been the right of the consumer to search the market for their own deal, yet lenders were not making this clear and had been selling policies that were much more expensive than other like for like deals.

As a result of these discoveries a number of institutions – some very well known high street names – were handed heavy fines for malpractice and what followed was a comprehensive re-write of the rules and regulations surrounding the selling of PPI. The consumer is thus protected by such regulations as one that bans the selling of an insurance policy at the same time as agreeing to a loan. This gives the borrower time to shop for the best possible deal.

If you believe you have a case to reclaim PPI charges you should speak to one of the many specialist solicitors offering their services in the field.