London, UK August 15th 2012 – Payment protection insurance is a policy that has been sold along with financial products, including loans and mortgages, for many years. The policy itself is designed to protect the borrower should they undergo any unforeseen changes in personal circumstances that could lead to them being unable to make regular repayments. While the policy is a potentially beneficial one, borrowers have found and courts have agreed that many lenders mis-sold these policies to unsuspecting financial consumers. This has led to millions of consumers claiming back PPI payments.
Borrowers are advised to check their loan agreements and mortgage terms and conditions. Not everybody was even informed that PPI, also referred to as Accident, Sickness, and Unemployment Cover and a host of other names, was even included in the repayments that they were making. As such, many borrowers have been paying for a PPI policy that they didn’t know they had. This is a definite case of mis-selling and one that could lead to a refund of several thousands of pounds.
New laws and regulations have been put in place to ensure that this kind and level of mis-selling is not able to happen again. The stories have hit all forms of media hard in the past couple of years and with billions of pounds of compensation and repayments needing to be made, it is unlikely that the banks will want to be caught up in such a storm again. As such, and despite the fact that PPI can still prove a beneficial buy, it has become very difficult to take out such a policy.
CanaryClaims.co.uk is a PPI claims specialist. They can assist consumers in handling their reclaim case and, depending on their circumstances and the amount they have paid, consumers could be due repayments of many thousands of pounds.
Tel: 0800 634 8668
Fax: 020 8305 1746