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One of the hot topics of consumer finance is that regarding making a PPI claim, and if you are reading this the likelihood is you have made one or are looking to set about the process. PPI, or payment protection insurance, is an area of finance that has been embroiled in much controversy of late and for good reason, for a number of complaints from members of the public led to a major investigation by the powers that be, and serious instances of mis-selling of these important insurance policies were uncovered.
For those unaware, PPI includes a group of policies that are designed to help out the holder in the event that he or she is forced to stop working, and therefore earning, through no fault of their own. The policy is intended to pay out a monthly sum in given circumstances to cover the repayments on a loan or mortgage – or other such financial service – for an agreed time.
What had been happening, however, was that lenders were coercing borrowers into taking out the policies that they supplied, when in fact the market is full of cheaper unbranded deals that they had the right to opt for. In many cases the lender mis-sold PPI by telling the borrower s/he would only be granted the loan in the event they took out the expensive branded option, thus depriving them of their right to shop around. The good news is; it’s easy to make a claim and potentially get all of your hard–earned cash back. All you have to do is call one of our experts now on 0800 840 7292 and we’ll get started fighting for your PPI claim compensation.
Lack of understanding of the way the market worked also led to many people being unaware that they were even paying for a PPI policy – the cost being built into the monthly loan repayment – hence the latter day popularity of the PPI claim among misled borrowers.
While heavy fines were levied on many of the biggest players in the field, the regulations surrounding the selling of PPI were comprehensively revised: it is now no longer legal to sell PPI at the same time as granting a loan – there is a grace period in which the consumer can shop around – and there must be a full explanation of what the policy is about, outlined in simple terms. This has led to the consumer being better served, but it remains to be said that you may well have a policy upon which a valid PPI claim for unfair charges could be made.
As this is a complex sector of the financial services market it is to be recommended that anyone pursuing this course of action takes on board all the advice and information they can get, and there is much on the internet, in the newspapers and in the hands of professionals in the field that can enable you to make a successful PPI claim for payments that you may have been forwarding for some time. To find out if you have a claim or to get one started give one of our experts a call today on FreePhone 0800 840 7292 or if you prefer, fill out the form above and we’ll call you straight back.