Millions paid out to wronged borrowers
by Annabel Hunt, 6th July 2011
Millions of consumers are set to reclaim mis-sold loan insurance
premiums in the aftermath of the massive PPI scandal which has
rocked the financial world.
PPI, or Payment Protection Insurance, was found to have been
widely mis-sold to borrowers alongside loans, advertised as a means
of ensuring they were able to keep up their repayments in case of
unexpected misfortune leading to a loss of income.
But many consumers found that they had actually had their PPI
policies sold to them wrongly as a means of lining the banks'
pockets, resulting in millions of consumers paying extortionate
rates for policies which many of them found could not pay out even
if they did try to claim.
As with most insurance policies, there are a variety of
exceptions which render one ineligible to ever take out a policy,
but many financial institutions did not warn their customers about
these and encouraged them to take out PPI anyway, with some people
not even being told that they were going to be paying for an
insurance product on top of the cost of their loan.
Those who tried to claim found in the majority of cases that
they were not eligible for a payout, and a great deal of others
were shocked to find that they had been paying for PPI policies
that they had never asked for, may not have needed and should not
have been offered in the first place.
Fortunately, recent court action has forced the banks to offer
compensation to their customers under threat of legal
repercussions, forcing them to relent in their attempts to deny the
refunds their customers deserve, and instead offer suitable
recompense for the scandal of mis-sold PPI. Nonetheless, they will
still do their best to obstruct the customer at every turn, and the
fight to reclaim PPI premiums will not be easy.
Get in touch with Claims Financial if you're interested in
making a mis-sold PPI claim.
Claims
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Testimonial
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010