Reclaiming PPI - Your Guide to Mis Sold Loan Insurance
Since 2003, more than two million homeowners in the UK have been mis-sold payment protection insurance (PPI.) Payment protection is an insurance policy added to mortgages, revolving lines of credit, and other borrowed monies. In theory, should you become unable to work for qualifying reasons such as redundancy, work-related injuries, illness, or other instance, your PPI insurance would make your payment. Unfortunately, less than one in five claims is paid due to strict limitations and unclear standards. As such, many consumers are eligible for a refund of premiums from lenders. For those who do not have the time or understanding of the reclaim process, a claims advisory group can help do the legwork.
A claims advisory group can help recover premiums file letters of inquiry or claim to start the recovery process, and advise you of your rights to recovery and eligibility. For example, individuals who purchased PPI while unemployed, retired, or self-employed would find it virtually impossible to make a claim for payment protection coverage as these policies exclude such instances. These individuals stand the best chance for recovery of mis-sold loan insurance. Likewise, those with pre-existing medical conditions that impair readiness for work at the time of the loan should have also been advised that premiums would not be paid for claims relative to their condition.
Numerous instances of mis-sold loan insurance abound. The role of a claims advisory group is to help you determine if you are eligible to reclaim PPI premiums, assist with appropriate paperwork, and serve as mediator with lenders. As many know, there are several High Street banks and lenders fighting the Financial Services Authority's ruling calling for the review of British Banker's Association members' prior PPI sales. As such, these lenders have reported refused to process claims until a ruling is handed down on the case.
In spite of the current challenge, individuals who find themselves overcharged for PPI that will likely never pay, or policies sold as compulsory, even policies for which they were unknowingly sold and charged, should file their claims to pursue recovery. A letter of claim should be sent to the lender, providing documentation of the PPI policy and loan origination information. The process is long and arduous, but with the help of a claims advisory group, consumers can turn over much of the legwork and headaches to a professional audit associates trained to help recover mis-sold insurance premiums.
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