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Payment protection insurance was developed to help the loan borrowers in the event these folks were injured in an accident and can’t go to work or if they become really ill. This particular insurance plan will make repayments to the loan companies till they resumed their work. At least half of the borrowers deny coverage but the other half had a good portion weren’t asked, these were just sold the policy and pay the premiums without even knowing and understanding it.
In the end, there have been numerous complaints concerning the ppi industry. Out of all the people who purchased the payment protection insurance plan, possibly knowingly or unknowingly to them, only about 5% really ever filed their ppi claims when they needed to. Even worse, the statistics showed that about 70-75% of those that did file their ppi claims failed to meet the terms set forth in the insurance plan.
When the FSA got involved, careful investigation makes and the’ve discovered that most of the times, the lenders didn’t tell the borrowers all the details needed, just like the ppi claims criteria. It also discovered that a good number of these lenders would certainly use scare tactics to persuade the borrowers into agreeing to take it out when they applied for a loan. Quite a few lenders actually even added overpriced ppi to lump sum payment to the beginning of the loan repayment plan. By doing this, the borrower would’ve no way of cancelling the payment protection insurance.
There are numerous basic questions that you need to ask to yourself if you feel you could be able to make ppi claims for your premiums. Some include the items we mentioned above, such as being told you needed to purchase the policy to acquire a loan, or if you were not really told at all, yet were charged for the ppi cost. If you had been not told of the terms prior to purchasing or if you’ve been offered ppi and were self-employed then you can create your ppi claims because the policy has been mis-sold to you.
If any of these applied to your circumstance, you might be like many other people whom were mis-sold payment protection insurance and capable to file your ppi claims now to try to get back the money you paid for the premiums.
Harry Tomas blogs about PPI claims and other financial products for United Kingdom based site www.PPIClaimsUK.co.uk. He also covers unfair mortgage charges and the financial claims sector generally, in addition to writing articles on personal finance, house sales, repossession and business finance.