The Great PPI Scam
Borrowers should be covered for their debt repayments if they have PPI cover and something unexpected happens, but an increasing number of people are realising that it is one big con. It has been sold to people who are uninformed and who can't afford it and often people who want it but don't know they are ineligible.
Most banks cunningly tag on PPI to any loan or credit and bank employees are often forced to sell useless policies in order to keep their jobs. The theory of PPI is great for borrowers, particularly in the recent economic hard times, where people are losing their jobs left right and centre, it should mean that 3 months unemployed doesn't mean going hungry because of mortgage repayments. But the reality is quite the opposite; there have been almost no cases where PPI has actually helped someone struggling to make repayments.
Thankfully banks and lenders who have mis-sold PPI can be held accountable by the everyday consumer. There are many companies who focus on financial law and plenty of them specialise in reclaiming PPI payments.
Many people don't realise the variety of circumstances in which the sale of PPI can be considered illegal, if you were unemployed, self-employed or simply over 65, your PPI payments were void and you can reclaim all the money. If you weren't explained all the terms, you can claim it back and if you were told you had to buy PPI from your lender, ask for it back!
Reclaiming PPI payments is your own responsibility but the Financial Services Authority and the Competition Commission have cracked down on the crooked tactics of the industry. They are even fining any organisation deemed to have broken laws on PPI selling.
After a watchdog ruling in 2009 companies are now required to correctly sell PPI to customers ensuring they are not overpriced, customers can chose to opt out at any time and they are fully covered.
Most banks cunningly tag on PPI to any loan or credit and bank employees are often forced to sell useless policies in order to keep their jobs. The theory of PPI is great for borrowers, particularly in the recent economic hard times, where people are losing their jobs left right and centre, it should mean that 3 months unemployed doesn't mean going hungry because of mortgage repayments. But the reality is quite the opposite; there have been almost no cases where PPI has actually helped someone struggling to make repayments.
Thankfully banks and lenders who have mis-sold PPI can be held accountable by the everyday consumer. There are many companies who focus on financial law and plenty of them specialise in reclaiming PPI payments.
Many people don't realise the variety of circumstances in which the sale of PPI can be considered illegal, if you were unemployed, self-employed or simply over 65, your PPI payments were void and you can reclaim all the money. If you weren't explained all the terms, you can claim it back and if you were told you had to buy PPI from your lender, ask for it back!
Reclaiming PPI payments is your own responsibility but the Financial Services Authority and the Competition Commission have cracked down on the crooked tactics of the industry. They are even fining any organisation deemed to have broken laws on PPI selling.
After a watchdog ruling in 2009 companies are now required to correctly sell PPI to customers ensuring they are not overpriced, customers can chose to opt out at any time and they are fully covered.
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If you feel you have been miss sold PPI, then see why Dons LLP can help you with your PPI claim.
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