What Is PPI And Can I Make A Claim ?
Over the past few years it has become apparent that there is a large problem with the mis selling of mortgages and payment protection insurance (ppi) related to these and other products. Homeowners have been taken advantage by these policies. There are a few simple questions to detrmine if you may have been mis sold ppi or a mortgage
#1) your mortgage is interest only
#2) you were encouraged to self-certify your income
#3) only one lender was given to you as an option when you purchased
#4) you were charged for being in arrears
#5) you purchased your home under a “Right to Buy” scheme
#6) your mortgage extends past your retirement age
#7) you bought ppi, and other assurances
A lot of the missold ppi was sold right along with the missold mortgages. The ppi was just another excuse to charge customers other unnecessary fees. PPI stand for Payment protection insurance. The purpose of this insurance is to help protect a customer with various financial accounts such as mortgages, credit cards, and loans against non-payment in case of an accident, sickness, or the customer loses employment. Many customers were paying for this insurance and then when people started having need for it; The payment protection was not offered as an option and customers thought they had to have this insurance. They should have recieved assistance with their accounts and perhaps prevented them from losing their homes.
There are companies that can help people to reclaim the funds that were paid for these insurance policies. A Company like this may charge up to a third of what is recovered. You might think the cost is rather high, but there are no upfront fees and no charge if they cannot recover the monies, You would also not be able to recover anything without the help. A large amount of customers paid thousands of pounds toward this insurance that was not needed or did not provide the cover if it was claimed upon.
If you think that you have been a victim of missold ppi, please get in contact with a company that can help you recover some or all of your money because in this day and age we all need our money. Most of the larger banks and finacial brokers have stopped selling ppi to make sure this does not continue to happen.