PPI Claims Are A Growing Concern In UK

For at least 5 or more years, the PPI claims have been steadily increasing in the UK as millions of their residents learn they have been scammed with additional fees from unwanted payment protection insurance or PPI tacked onto their loans without their knowledge.

Different purchases are considered eligible for PPI policies and the credit card companies or loan company will sometimes affix the payment protection insurance to them for the businesses protection against a default of payment form the consumer such as accidents, unemployment or terminal illness which would all prevent the customer from repaying their debit.

It is a deplorable practice, but it has been happening for years; loan and credit card companies have discovered how to easily stick the payment protection insurance to a debtor’s new account without the say-so of the new account holder. Some of the major purchases an individual or family will see in their life time, like a home loan or car loan, will also contain PPI policies; a simply credit card purchase from a local store may also carry the PPI which will only add to the monetary responsibility of an individual.

A claim against creditors who added PPI to an individual’s loan without their knowledge or consent might have a case under the law and could receive some of the pounds they paid towards the payment protection insurance. However, if an agreement with payment protection insurance is more than six years old, there is no case under the law. An individual must formally make their claim within six years of the original date of the loan or purchase in which the PPI was added.

A number of conditions would allow a customer to file a claim against a loan company for miss-sold payment protection insurance. Age is one of the reasons an individual could file a claim, if they were over 65 or under 18. Also included in the list is their current employment status at the time of the loan and PPI policy addition. For instance if a person knew they were about to be fired, if they were a seasonal or temporary worker or if they only worked 16 hours per week or less. Another part of the list includes an individual’s health such as a condition that existed before they took out the loan and the biggest reason people are bringing suits against the loan companies for PPI is because they were not told of the payment protection insurance in the first place. In addition, others were told they could not receive a loan or purchase an item unless they paid for the PPI.

A refund in full, according to the law, would be granted if any of the above were found to be true in a case involving the PPI added to a consumer’s loan or credit. Thousands of law firms are lining up to represent those who were wrongfully targeted by the PPI industry and many take them to court without upfront fees. This means that it’s a no-cost if there is no-win situation.

Having a good credit score is important to many people and this is one of the reasons some consumers might be scared to file a payment protection insurance claim towards a creditor. There is no need to be afraid because a PPI investigation and subsequent claim will have no barring on a credit score.

As a consumer, an individual may believe that they were miss-sold payment protection insurance. If this is the case, then they have a right to open PPI claims and stop paying so much in monthly premiums and get some or all of that money back, right away.

Learn more about PPI Claims. Visit www.Mis-Sold-PPI.com where you can find out all about how to make PPI compensation claims and start to get your cash back.