Payment Protection Insurance is the latest problem to hit the UK financial services sector. In recent months lenders have been very heavily fined by the Financial Services Authority for mis selling payment protection insurance.
It has come to light that many of the policies sold to customers who took out credit cards and loans with lenders were not paying out when the customer expected. As a result the process of selling the loans was looked at in greater scrutiny and it was discovered that many people were mis sold policies because:-
They were not told that the policy was available elsewhere from another provider
They were not told that the cover could be cheaper elsewhere
They were not told the details of the Policy
They were not told the exclusions in the policy
It was not investigated whether the cover was applicable to the applicant
It was not disclosed that commission would be earned by the lender
It was said that the loan and insurance came together
It was advised that the insurance was compulsory
In essence the insurance was not being sold as a benefit for the person taking the loan, but instead to earn huge commission for the lender.
Now this mis selling has come to light and major lenders have been fined huge sums of money it is now possible to reclaim money for a mis sold policy. Claims companies will professionally help you to recover your claim.
A professional claim company will often be a qualified solicitor, and will take on the case free of charge and only make a fee on recovery.
This is called no win no fee.
A success fee of up to 30% is only payable to the claims manager on recovery of a payment from the lender, so no recovery means no charge.
- Money can be recovered in as little as 8 weeks. Imagine you could pay for Christmas this year on a recovered PPI insurance claim.
