Loan protection is one of the most well-known insurance products in theUK. Generally, it’s called Payment Protection Insurance or PPI, but it also comes by other names like Mortgage Payment Protection, Accident, Unemployment, and Sickness or AUS / ASU, and Loan Payment Protection or LPP. Basically, PPI is any insurance that covers debt repayments for personal loans, mortgages, and credit cards when the policyholder is unable to pay for them due to sickness, unemployment, and accident.
PPI Controversy
Due to the overzealous selling of the PPI, many banks have overlooked the basic steps in selling financial products. According to the FSA, different financial products must be quoted and sold separately. In many cases, the consumers were told by banks that the PPI was a required policy before they could take out a loan. Furthermore, they were not told that PPI can be acquired from other sources such as insurance companies. Many cases reveal that the banks failed to properly explain the nature of the insurance product.
PPI Claims Companies
Some cases can be complex, especially those where the policy has been in force for a number of years. In these instances, or where you don’t have the time or the inclination to take on the financial giants, you may wish to consider using a claims management company like Brunel Franklin to handle your complaint. They will deal directly with your lender and the Financial Ombudsman Service, where appropriate. Many operate on a no win no fee basis so be wary of the minority that want to charge you an up-front fee.
“Making a refund application against a bank or other large financial institution can be a daunting prospect, which is why it is much better to seek help from an organisation like Brunel Franklin, rather than struggle on and be left to try and work out the details for yourself,” said Sally Bowyer, Managing Director of financial claims specialist BrunelFranklin.com “We operate a no-win-no-fee service and there is nothing to pay until your case is successfully won and the vendor has paid out.”
“It is important to realise that we may all unwittingly have taken out PPI during the years when lenders were offering a seemingly endless line of credit in the form of loans and credit cards in particular,” explained Sally. “It costs nothing to check your paperwork for insurances that you may not even know you are paying for. PPI per se is not a bad product, however the onus is on the vendor to ensure the product is the best for your needs at the time of sale. If the best product for your needs was not offered, or if you were unaware of the true cost, for example, you may have grounds for a refund.”
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.