While the United States struggles with its own financial woes in Congress and the money markets, the United Kingdomis dealing with problems of its own. The UKis dealing with a situation where PPI plans were mis-sold to borrowers who were often ineligible to claim on them.
Borrowers in the UK found out that they were not covered often after finding themselves in financial difficulty. PPI was supposed to be a strong tool for protection, but let many people down.
PPI in general stands for Payment Protection Insurance and was originally intended to help individuals if they had lost their job. If an individual was suddenly made redundant and could no longer afford to make payments on a loan, then PPI would be used as a form of protection against the debt that had been acquired.
Many individuals thought they would be covered with their credit card, mortgage, or other various loans but ended up finding out they were not covered. Millions of individuals were mis-sold PPI under false pretences and were forced to file a claim against the lenders. The type of practice that was followed by UK lenders can be seen as similar to the mortgage crisis that went on in the United States. Many of the lenders attempted to simply gather piles of contracts without thinking about the welfare of the borrower and whether they would suffer as a result.
It is common sense that if an individual is paying for Payment Protection Insurance, they should be at least eligible to claim if they need to and if they are not granted this opportunity, then they have a right to a refund. Many people who were sold these PPI policies were students or self employed and were not eligible for PPI anyway, but they were still sold this worthless protection regardless.
The lenders broke two rules: they allowed ineligible people to buy the protection, and they did not allow them to claim the protection offered once they had bought it.
In conclusion, many PPI plans were mis-sold and did not cover the majority of individuals in the way they claimed. Some might say that there is too much ‘bullishness’ in the loan, credit, and mortgage industry. They would also agree that it must be dealt with, as individuals deserve fair treatment and a refund on their PPI policy if they were indeed mis-sold this protection and this is where a claims specialist can help.
Sally Bowyer, Managing Director of one such regulated financial claims specialist BrunelFranklin.com says that many people were mis-sold policies unknowingly. “Many people finally realise they have PPI only when it is pointed out by a friend, colleague, family member or financial adviser. The good news is that once you are aware you have been sold PPI, you may have grounds for a refund against a mis-sale, if you were unaware of the terms and conditions or the true cost, at the time of sale. There are many other circumstances that may constitute a mis-sale, which is why it is advisable to consult the experts.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51