Payment protection insurance has been sold alongside various credit accounts and policies for many years now. While the policy sounds beneficial in theory, the practice has proven a lot different for some people. Following numerous complaints regarding how infrequently required PPI policies paid out, the Courts were forced to act. An investigation and an extensive court case ensued with it being determined that major lenders and banks had been guilty of mis-selling this product.
Payment protection insurance is like any form of insurance and it is essentially a form of risk management. For a monthly premium, it provides policy holders with the ability to offset any potential risk of losing their job or facing other hardships that would make it difficult to meet monthly repayments. However, an insurance policy is only as good as the protection that it offers and this is where mis-selling became a major problem.
PPI Belfast was mis-sold by agency representing the largest banks and lenders in the country. Even high street chains have been found guilty of wrongdoing. As policy holders attempted to claim against their policies, they were being told that their claim was not valid. In a lot of cases, this was because the policy itself was not suitable for them.
Further investigation was undertaken and it was determined that this wasn’t the only way that PPI Belfast had been mis-sold either. There were many borrowers who were unaware that they had even taken out a policy of this kind. Lenders had covertly included the payment protection policy premiums within the monthly credit repayments so that the borrower was not aware that it was included in the money they were paying every month.
All borrowers that were charged in this way are encouraged to seek compensation via PPI Belfast claims. So too are those that were told that they had to take the policies out in order to be granted a loan, credit card, or mortgage. The policy itself should be a voluntary one and the borrower given all the information necessary to help them determine whether it was the right choice for their circumstances.
In the first place, complaints regarding PPI Belfast should start with the original lender. All lenders should provide a seamless and simple procedure to submit claims for payment insurance refunds. However, if this is unsuccessful but you are sure that you were mis-sold the policy there remains a number of potential processes and actions that can be taken. The Financial Ombudsman is considered the last call for those that want to reclaim payment insurance and should be used when contacting your lender has failed.
PPI Belfast claims may amount to hundreds of pounds or they could total several thousands of pounds. Every case is different and each treated on its own merits using its own evidence and data. Ensure that you get all of the data from your lender, if you do not have copies yourself, and prepare any forms give to you. Standard templates for letters requesting a PPI refunds are another beneficial way of helping to improve the claims process.