Am I Able To Make A PPI Claim ?

Article by Timothy Capper

There is a huhe problem at the minute with Mis Sold Mortgages and payment protection insurance (PPI). There are a number of reason behind this. Homeowners who are not completely aware of their mortgage and financial accounts have been taken advantage of. There are a few queastion that can answer if you were mis sold a morgage or the payment protection associated with these. Below is a list to help determine if you were mis sold.

#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. A large percentage of customers were paying for this insurance but when the need arose for the insurance; 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. A number of the larger banks and financial institutions have stopped selling the ppi to ensure that this does not continue to take place.

About the Author

Banks advisors would oftern discuss and convince customers that they needed payment protection insurance. In many cases the premium was added to the loan, and this could be as high as 40% of the original loan amount, this could result in aPPI Claim

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