Payment protection insurance is truly a useful product. It can repay 12 months worth of repayment for your financing or credit card bills. However, this is only true if you’re eligible for its provisions. Unfortunately, it became infamous because of the mis-selling scandal committed by almost every UK bank.
Bad selling practices had made the policy rob borrowers about £3,500 on average. Retired individuals, medically-impaired, and unemployed during their purchase of the policy, are ineligible from the start. They purchased the insurance policy believing it would improve the chances of loan approval, as stated by bank employees.
Lenders can require an insurance before releasing a borrower’s loan. However, they cannot require a specific brand of PPI policy. Customers have the right to find the right insurance that fits their circumstances.
The insurance scandal has accumulated over £40 billion for the entire banking industry. UK consumers have been given the right to reclaim their refunds, but banks are “dragging their feet” in addressing refunds to the point they often reject valid complaints.
If you own a PPI policy and you did not remember purchasing it or it was a particular brand a bank employee recommended, then you’re likely mis-sold PPI and owed refunds.
You can only make a PPI claim until August 29, 2019. Make sure you do get the rightful refunds before then. Contact us today!