Posts Tagged ‘mis-sold ppi’

« Older Entries

It is Your Correct to Reclaim Mis Sold PPI Charges – Read through this and Don’t Miss Out!

Tuesday, April 5th, 2011

To totally understand the saga surrounding missold PPI it is maybe very best to glimpse at what payment protection insurance – to give it the entire title – is all about. If you have taken out a loan, a home loan or any credit agreement in current decades you will also have been party to a PPI policy. This is an insurance policy that is there to support retain up repayments on the credit score agreement in the occasion that you uncover you are no lengthier ready to work through no fault of your private. Some policies cover only involuntary redundancy whereas other folks could also go to to accident and sickness, and the information sort the basis for the quite a few PPI claims that are heading via the courts correct now.

This is an insurance policy that is there to enable keep up repayments on the credit score agreement in the occasion that you locate you are no longer in a position to perform via no fault of your private. Some policies cover only involuntary redundancy whereas other people may well also attend to accident and illness, and the particulars type the basis for the numerous PPI claims that are heading via the courts ideal now.

The outcome of the investigation also saw a quantity of lending establishments, some home names, handed large fines for mis-promoting and a major rewrite of the law was undertaken to cover the consumers back. The chances of you obtaining been mis sold PPI are pretty higher as you may possibly perfectly have considered that you had to consider the package offered by the financial institution.

The outcome of the investigation also noticed a variety of lending institutions, some home names, handed large fines for mis-offering and a main rewrite of the law was undertaken to cover the shoppers back. The probabilities of you getting been mis sold PPI are fairly substantial as you may well nicely have thought that you had to get the deal made available by the loan company. If you imagine you could have a declare to make then the initially stage is to unearth the paperwork pertaining to the policy and then to get hold of a solicitor specialising in this complicated location of the law.

You could obtain that if you have been mis sold PPI you are entitled to claim again some or all of the charges, and the very best way to make certain that you have the best likelihood for accomplishment is to engage a expert – typically on a no win no charge foundation – to manage your situation.

Ivan Petrov writes about mis sold PPI claims and other financial mis-selling, for UK based site www.mis-sold-ppi.com. He also lifts the lid on unfair credit card charges and the financial claims industry generally, in addition to writing posts on finance, house sales, repossession and business finance.

Tags: , , , , , , , , , ,
Posted in insurance | Comments Off

Dealing Easily With The Legal Affairs And The Paperwork Encountered In PPI Claims

Wednesday, December 1st, 2010

Filing for PPI claims is a very simple affair that does not consume much of someone’s effort or time. The bulk work in getting compensation for PPI is usually done by solicitors. Solicitors deal with all the technical matters involved in these claims. After studying one’s filling, the legal expert will offer to a person advice and immediately proceed in securing compensation for the afflicted party.

Solicitors will follow the full legal process that will ensure that a person who was levied any PPI is fully refunded the PPI he/she has been levied over the years plus compensation and interest added. Banks have for a long time been levying borrowers with exorbitant sums of Payment protection insurance. It has in fact been reported that banks have been making double the amount they make from selling loans by selling these insurance schemes.

Most countries have banned PPI, with the UK banning it in May 2009. Borrowers who had paid PPI before it was banned can now be compensated to the exact amounts they paid. This however requires court action through a competent solicitor.

For a successful court action, a lawyer with a wide knowledge in PPI is required. The lawyer selected should be one who is known for winning in PPI cases. Lawyers who have a track record of winning hundreds of these cases and have enabled the full compensation of costs running into millions of dollars should be chosen.

There are different legal issues that confront solicitors in relation to these cases. Most solicitors are confronted by the miss selling monster. It is illegal to miss sell anything therefore when an insurance policy is miss sold by a bank it becomes a legal issue. Solicitors will try to justify the fact that their clients were sold policies without being informed the full terms of such policies. Solicitors will also present to the judges the list of false information that was presented to the bank borrower by the bank. Selling of PPI policies is usually made possible by first presenting to borrowers a series of false and inaccurate information.

Other legal matters appertaining to PPI handled by solicitors are matters concerning serious misdemeanors performed by banks in relation to the PPI’s. Breaking the care of duty is one of the misdemeanors. The bank has an express duty to care for the welfare of its clients. By selling to such clients PPI’s, the bank breaches this duty. The banks breach of duty can be remedied in a court of law. The bank also acts in an un-transparent manner by hiding some information from the borrower. A borrower can be awarded compensation in relation to the financial damage that may have been caused to him/her by the bank acting in a less transparent manner.

When it comes to the paper work, before taking to court a claim for PPI, numerous documents have to be filled and numerous drafts have to be made. A person without legal knowledge cannot carry out the drafting and filling of legal documents. This will be done by the solicitor.

Many loyal bank customers have been defrauded by PPI’s. The good news is that PPI’s have been banned in a good number of countries such as the UK. Money lost before this ban was enforced can be recovered through court action. Enforcing PPI claims needs competent lawyers.

Looking for comprehensive information on the legal issues and paperwork involved in PPI Claims ? Get the exclusive low down now in our complete PPI FAQ guide.

Tags: , , , , , , , , , ,
Posted in insurance | Comments Off

Facts As Well As Methods Involving Mis Sold PPI

Sunday, November 7th, 2010

In the consumer market of today, there is no denying that much of the consumerism that exists today is often funded through sources of financing and loans which help provide the immediate funds needed to make purchases. Within these lines of credit established, there are often countless fees and interest that are built into the paying down of these loans which are usually quite often spelled out and able to be fully understood prior to signing any loan agreement. Today, Payment Protection Insurance is actually something that is not discussed much but always incorporated into loan documents which always makes for mis sold PPI protection.

The facts and methods of mis sold PPI are actually quite staggering when one performs the research. Basically, consumers are often not even aware of what this type of insurance is let alone that they are paying for it in their loan fees. Thus, upon further knowledge, any consumer will be able to spot it and know how to use it if necessary.

There are actually a few loan and line of credit sources that these PPI policies are built into that are commonly misrepresented or missold. These forms include store credit cards, conventional credit cards, and also mortgage and auto loans. PPI is almost always built into these loan and lines of credit contracts which provides source of protection against any payment issues that could arise.

One of the most common forms of mis sold PPI today is through the opening of a store credit card or line of credit. These forms of credit are often opened only to take advantage of special discounts and offers for those that hold a store credit card. This is often never seen or discussed which provides a very unclear PPI policy that makes it completely missold.

Long term loans, often in the form of home or auto loans, are another incredible common loan type where PPI is misrepresented or sold. Basically, when PPI coverage is established, it is only valid for five years. This is never really known from the person gaining the loan which makes for a mis sold PPI aspect of the loan agreement.

Within this category of loan, those that have joint policy holders are actually often mis sold within PPI protection. Each policy holder must have this form of protection in order for it to be valid by anyone making payments. Quite often, it is the policy that has the protection as opposed to each and every person on the loan origination.

Individuals that enter into a loan and are not employed during the loan origination are very common victims of PPI selling. Basically, if one decides to file a claim during the loan process and are either unemployed or were unemployed when the loan began, they are automatically disqualified from filing claims. As this is not often discussed, this is a very common form of being mis sold on PPI.

Self employed loan holders or those that own their own business are quite often mis sold PPI. Basically, these categories of people are not able to successfully file claims either. Thus, the PPI policy is often null and void while still paid for.

Looking for comprehensive information on how to reclaim your money on Mis Sold PPI? Get the low down now in our complete Missold ppi review.

Tags: , , , , , , , , , ,
Posted in insurance | Comments Off

Solicitors PPI Claims Firms, Ensure 100 Per Cent Compensation For Client

Sunday, October 24th, 2010

Within the UK many firms, including firms of solicitors, have departments which specialize in PPI claims (Payment Protection Insurance). PPI claims specialists hope to make the process of making a PPI compensation claim as hassle free, and as convenient as possible for their clients. Many of these specialist firms take on cases on a no win, no fee basis. Firms of solicitors working in this business are able to guarantee 100% of awarded compensation will go to their clients because, as lawyers, they are entitled to recover costs from the lender. Non- solicitor firms, on the other hand, usually cover their costs by holding back a percentage from the awarded compensation.

In the UK there have been thousands, if not millions, of mis-sold PPI cases. Many people now have a valid claim for compensation against their bank or credit card company. People may be entitled to compensation, which can include interest, if they had PPI on a loan or credit card agreement, and they either did not ask for that insurance, or did not need it.

Compensation may be due for PPI mis-selling in cases of personal loans, hire purchase agreements, and credit card agreements. Most of the UK banks, building societies, and other institutions, including many high street names, have had to pay compensation with regards to mis-sold PPI.

There are many PPI claims companies, and they can easily be found by means of their advertisements on television and in the papers. It is not compulsory to go through one of these companies to make a claim. Individuals can make a claim on their own, but many people find it more convenient, and less complicated, to go via a specialist claims firm. One advantage which specialist firms have is that they have good experience of the usual ways in which the banks and financial institutions mis-sold PPI. This helps them reach a quick conclusion about whether a claim is appropriate. They also understand the claims process, and will help clients with any documentation.

Some of the PPI claims firms are firms of solicitors, and some are not. It is not necessary to choose a firm of solicitors to make a PPI claim, but there can be advantages because, in the UK, solicitors are allowed to operate on a “no win, no fee”, “100% compensation” basis.

Both the solicitor based companies, and the other companies, can operate on the no win, no fee scheme. The important difference however, between a company using solicitors, and one not using solicitors, is who will actually pay the fee if the case is won.

In the UK, lawyers operating on the “No Win, No Fee” principle are entitled to recover their costs from the lender. This means that 100% of the compensation awarded will go to the client. Other firms (non-lawyers) are not entitled to recover their costs in this way, and they typically operate by taking a percentage cut from the compensation. This can vary from 25% to 50% of the compensation awarded.

It is therefore advised that when choosing a company to make a PPI claim, one should find how they will cover the costs in the event that they win the case. Companies using lawyers, and companies not using lawyers, can both offer no win, no fee contracts, but only companies using lawyers will be able to claim their costs from the lender, guaranteeing 100 per cent compensation for the claimant.

Learn about the advantages of being protected with PPI claims today! When you receive the details you need to make a knowledgeable decision about Payment Protection Insurance, you will be able to identify Mis sold PPI easily!

Tags: , , , , , , , , , , , , ,
Posted in insurance | Comments Off

What Is PPI Misselling And How Does It Affect You

Wednesday, September 29th, 2010

PPI stands for Payment Protection Insurance. This type of policy will protect those people who have taken out a loan, mortgage or other credit product in case they are unable to meet monthly repayments. This may be because they have suddenly lost their jobs or ill health has forced them to stop working. PPI policies will only cover repayments in certain circumstances so it is important that the policy is suited to each customer’s individual circumstances.

PPI mis selling can occur in many different circumstances. The lender can add a PPI policy into a loan without telling a customer, alternatively when the lender does not bother to check the customer’s background a customer can purchase PPI but the policy won’t be valid.

There are 100’s of different ways that PPI has been mis sold to millions of people in the UK. It is thought that over 20 million people in the UK have policies that do not cover them, sometimes having paid up to 40% of the loan amount.

The cost of the PPI scandal is huge, with banks making 5.5Billion a year profit out of misselling PPI to their customers on loans and credit cards in the last 10 years.

Another problem that can occur is that PPI providers tell customers that they have to have these policies in order to take out a credit product. This is untrue as like most insurance policies PPI is completely voluntary. Using underhand tactics such as tricking customers into thinking they have no choice in but to take out PPI is a big problem in the banking and lending industry.

If you are one of the thousands of people who have had a PPI mis sold then you could be in line for a payout worth thousands of pounds and get your money back.

PPI

Tags: , , , , , , , , , , ,
Posted in insurance | Comments Off

Mis Sold PPI Costs Consumers Thousands Every Year

Monday, September 13th, 2010

There is no doubt that PPI can be a very useful product. If you are ill it is designed to cover loan repayments, credit card payments and even mortgage payments. Unfortunately lenders have been abusing the sale of PPI and selling it to customers who won’t be covered by exclusions – leaving millions in the UK out of pocket

There are many ways that lenders mis sell PPI to their clients. One of the biggest ways is the “single premium” policy. This is where the cost of the policy is added to the loan then sold as “fully protected”. The customer then takes out a loan not knowing they are making interest repayments on the PPI policy as well as the loan.

PPI can add mean a large increase in the amount of money owed by a customer. One example of PPI mis selling is to sell it to retired people who have no working income to protect and therefore didn’t need PPI in the first place.

If you are in a secure job, have other means of financial support and are in good health then PPI cover may be pointless to you as you will most likely never need it. Another problem is those borrowers who have existing medical conditions are being sold PPI insurance.

The terms of this cover do not provide for pre-existing illnesses in most cases. This makes the policy worthless to people with pre-existing conditions as when they try to claim they will be refused. This systematic mis selling of PPI is one of the biggest scams in the banking industry and has destroyed a lot of the faith many people had in the whole financial system.

Now the extent of mis sold PPIs has come to light lenders are under serious pressure to refund customers their money. If you were told you had to have PPI or were mis sold the policy for a number of other reasons then you could claim back your money. If you don’t know where to start then you could take advantage of one of the specialist PPI claim handling companies. They have a lot of experience dealing with lenders and filing complaints with the relevant authorities. This can be a very useful service especially if you are a very busy person or your case if very complicated.

If you have been mis sold PPI on your loan, you can handle it yourself or find a ppi claims specialist like Gladstone Brookes to handle your mis sold PPI claim.

Tags: , , , , , , ,
Posted in insurance | Comments Off

Why Lenders Make So Much Money From Selling PPI Insurance

Saturday, September 4th, 2010

If you looked at the amount of money lenders make in interest from loans and credit cards, you’d be hard-pressed to think of anything that could rival it for putting money in the pockets of the lenders. That is, until you compare PPI insurance with it. Years ago lenders realised that the real money and profitability doesn’t come from loans or credit cards at all, but from selling PPI insurance alongside them, or in recent years, mis selling PPI insurance.

How is the money made by lenders on PPI Insurance – The idea behind insurance is to protect us in time of need, but if truth be told most of us would never need to claim for it and the lenders know this. Its all about averages and clever calculations. There is a vast amount of statistics and data available to lenders which allows them to calculate how likely you are to make a claim on your policy. For example, if a 20 year old decided to take out a health insurance policy, the insurers would know it is very unlikely that they will ever make a claim as most people at this age do not have any health problems. It is the perfect customer to them, they line the insurance companies pockets with cash and very rarely clam it back. This sort of product is very attractive to lenders as they make huge sums of money from it.

To give you an idea of how much money they actually make from this scheme see the list below. These figures are from an investigation into the insurance industry which was undertaken by the Competition Commission back in June 2008. It shows the following payout rations;

* Car Insurance – 78% * Home insurance – 54% * Mortgage PPI insurance – 28% * Personal Loan PPI insurance – 15% * Credit Card PPI insurance – 11%

So for every 100 an insurer takes from you in PPI insurance, there is a 15% chance they will have to pay out claims, but a whopping 85% chance they will never have to. They will keep 85 out of every 100 paid to them. With credit cards the chance of them paying out drops to just 11%.

Why does PPI insurance favour the lender? Insurance companies mainly sell their financial products through high street lenders, like banks and building societies as well as directly to consumers. But contrary to popular belief, they don’t make the most money out of this enterprise; it is the lenders that make the majority of the profit. The price you are being charged by the lender is the not the price the lender is being charged by the insurer. In fact, there have reports that some consumers have been quoted up to 9 times the actual cost of the insurance by the lender than if they would have gone direct to the insurers themselves. If you analyse the monthly interest on a typical loan and compare it with the same loan but with PPI, the PPI insurance is usually vastly higher!

Mis selling PPI insurance – When did it become so common? When lenders realised what a money spinner PPI insurance was back in the late 1990s, they started pressuring their staff to sell as many policies as possible. They were given targets to hit and their pay was linked so if they didn’t sell their wages decreased. Some lenders even sacked their staff if targets were not met, whilst other lenders offered huge benefits and incentives to those who could sell the most in a day, week or month.

Customer service staff with no sales experience was forced to sell PPI insurance any way they could to keep their jobs. Bear in mind, until this point the in-depth knowledge needed to ensure a financial product was right for someone and that they understood what was involved lay in the domain of trained and experienced financial advisors. Lenders were muscling in, sending out staff with the most minimal of financial training to sell financial products.

Mistakes started to crop up and due to the pressure from management for sales, people started to forget their ethics. Policies were being sold to anybody they could sell to, even if it did not suit them, and when consumers needed to claim on them, did the lenders stick to their side of the bargain?… No! They were simply told they couldn’t claim and made up an invalid excuse. This is why PPI has such a low payout ratio and has led many consumers to challenge their lenders for mis selling the policy to them.

There’s no doubt PPI insurance is a useful thing to have if your income ever drops because of illness or redundancy, but unfortunately thanks to behaviour of lenders it is doubtful the reputation of PPI insurance will ever recover. It will forever be linked in the minds of us all with the words ‘PPI mis selling’.

If you have PPI you could be eligible for a reclaim worth thousands. Don’t hesitate; use our reclaim PPI calculator to see how much you could reclaim.

Tags: , , , , , , , , , ,
Posted in insurance | Comments Off

Keep An Eye Against Mis Sold PPI

Wednesday, August 25th, 2010

How many times has your mother or anyone older than you advised you to read things thoroughly first before you decide to get into anything? Perhaps it is safe to assume that everyone has had those experiences already. And yes, it is going to be nice if everyone will be reminded of that. There are instances when people do not have the chance to read through any deals that they go through and they will just be surprised at the adverse results. The sad thing about it is that they could mean so many big problems in the future and you will be helpless about it. There is no way you will be able to solve the problem that easily. One of those big issues is mis sold PPI.

Have you made a loan? Obtained a credit card? Maybe also availed of a home loan? Are you currently signing plenty of papers that you never had the chance to go through all the things that were written in the papers? Then it’s about time that you consider things over and perhaps adjust the way that you are thinking too. There are a number of instances when individuals don’t carry out things too efficiently and they get shocked about the outcomes.

For these instances, you most likely think that you are entitled to a Payment Protection Insurance. This could certainly be regarded as an add-on to an outstanding loan with the objective that it will definitely safeguard an individual should mishaps and other instances that would have an effect on the debtor. You must not think that it’s similar to credit protection insurance though. So you think it sounds great or at least it could possibly aid you however there is a controversy hounding it right now. This controversy is all about mis sold PPI.

The offer is that, the actual terms and conditions of any arrangement ought to be made clear. However, there are people who claim that there are imprecise things that cover PPI. People realize that this covers the outstanding amount on the debt. The product itself is sold as part of the loan or overdraft. So where does the controversy or the selling difficulties come from? As soon as those individuals came in to claim it, there have been issues that came up. For example, there are those who were certainly not able to make a claim. This is because, most of the time, those who sell this type of insurance obtain much more commission than the interest it truly is meant to generate. There are also plenty of difficulties that hound the conditions or the coverage of the insurance.

The trend of declined claims has been very alarming that the government is already trying to solve the problem. Of course there are a lot of times when the problem could have been prevented if people just became more vigilant. It pays to read everything that needs your signature. Therefore, you have to see to it that you never get vulnerable to such vague claims of protection. The problems with mis sold PPI are already being addressed but the beginning of the protection is always on your hand.

You should not be a victim of fraud or any unclear contract, never be a victim of mis sold ppi. Visit www.ppiclaimsuk.co.uk for assistance to mis sold payment protection now.

Tags: , , , , , , , , ,
Posted in insurance | Comments Off

Reclaim Mis Sold Payment Protection Insurance Payments

Sunday, August 8th, 2010

In the UK the last 4 or 5 years, something known as PPI reclaiming has become something many of us are hearing and talking about. What this does is it lets people whom were mis sold payment protection insurance a means to try to acquire money back which is rightfully theirs. Many whom have received a loan, credit card or mortgage may be able to reclaim a good amount of money in which they made in PPI premiums.

Payment protection insurance is an insurance that may make repayments of some of your loans, credit debt, mortgage, etc if you ever are unable to work due to illness or accident, in addition to if your job entered into redundancy. PPI in itself really is not a bad thing, however, with the mis-selling of it by unethical sales people it is no wonder that ppi reclaiming is as high as it is.

If you feel you were mis sold payment protection insurance and wish to reclaim your money, you should first contact the institution which issued it. You will need to fill out a questionnaire which was put together by the Financial Ombudsman in 2010 which will be your preliminary complaint form. You need to visit the FSA website first and check to make certain that the company which sold the ppi to you is registered with them, if it is not, you no longer need to fill out the questionnaire, although filling it out will give you record of your information.

After you do file your ppi claims, you could be denied to begin with. This is typical, once your complaint is denied; you need to write them another letter and let them know you will be sending your claim Financial Ombudsman.

Based on how much ppi you are attempting to reclaim, the business may send you an offer to settle. You may either accept it or deny it; you might tell them how much you are willing to settle for. This does not always work, but it sometimes may.

Should the above fails then it really is time to file with the Financial Ombudsman (FSA), where filing is free. It could take you some time and patience but figures show that about 95% of the adjudicated cases are for you.

Please note that even if your loan, credit card or mortgage has been paid back, you might still be capable of getting your money back by filing the ppi reclaims as quickly as possible. There are many websites online that could possibly help you with the process.

Get info on ppi claims by visiting Simplicity Claims where you can also find options for reclaiming mis sold payment protection insurance.

Tags: , , , ,
Posted in insurance | Comments Off

Tips For Mis Sold Payment Protection Insurance

Saturday, August 7th, 2010

There has been a large amount of controversy over recent years concerning payment protection insurance (PPI), mainly as a result of overzealous brokers using dishonest procedures when selling it to customers. The term now used for this kind of activity is known as mis sold payment protection insurance or mis sold PPI.

In numerous cases of this mis-sold ppi, the loan providers would lie and tell the potential loan borrower that they would not receive a loan without getting the PPI. This indeed was a falsity and a measure to deceive. In these instances, the borrowers that feel for the trap to buy the PPI were charged a much higher priced policy than if they had obtained PPI on their own.

Other borrowers may not even realize they were sold a payment protection insurance policy. It might be a wise choice if you had received a loan or mortgage and were never offered PPI to check and see if you are paying for a policy you never agreed too.

Here is a list of questions to ask to see if you were mis sold payment protection insurance.

* Did the lending company tell you the policy was not optional, or did they suggest that the PPI cover was required in order to obtain the loan?
* Did the lender ask about your employment situation and whether you had any pre-existing medical conditions?
* Did the lender allow you to look into the policy terms and conditions before the close?
* Did the lending company ask you if you owned any other insurance that may cover such risks?
* Were you sold PPI while self-employed?
* Were you told of the limitations and which pre-existing conditions wouldn’t be covered?
* Did the lending company advise you on the the total APR would be of your loan with PPI included?
* Lastly, if you did purchase payment protection insurance and tried to cancel it, were you denied?

In the event you responded yes to any of these questions it is possible that you may have a case to be able to file the ppi claims. There are numerous ways one can do this. You are able to contact specialists in the field that may help you with the claim. Many companies will do everything trying to obtain a fair settlement for you. You can also pursue your mis sold payment protection insurance claim by contacting the Financial Ombudsman and get the info required to file.

You might be able to file PPI Claims if you believe you were mis sold payment protection insurance, contact Simplicity Claims, they can act on your behalf filing or offer you more information.

Tags: , , , ,
Posted in insurance | Comments Off

« Older Entries