Payment Protection - Why Claim?
Why Claim?
There is evidence of PPI mis-selling through high pressure sales tactics and large incentives for staff which can encourage them to sell PPI when it is not in the best interests of the borrower.
In some cases financial services companies have not made it
clear that PPI is optional and have added it to repayments. You
may be paying for PPI at this very moment and not be aware of
it.
Indeed, companies such as HFC Bank, Loans.co.uk and
Capital One have already been fined for mis-selling PPI.
Borrowers take out PPI assuming in good faith that their loan
repayments will be met should they unfortunately have an
accident, fall ill or become unemployed. Of course, PPI can
provide valuable protection for some people when sold correctly.
However, research conducted by consumer watchdogs and now the
Financial Services Authority (FSA) has raised very serious
concerns regarding sales practices across the whole industry.
This suggests that lenders have yet again been putting profits
ahead of the interests of the consumer.
85% of claims are rejected and many find themselves paying
for expensive policies they cannot rely upon:
- Their needs have not been assessed.
- They may be covered elsewhere.
- They may have been sold policies which unknown to them provide only very limited cover.
- In some instances the policy adds to their financial burden through bureaucratic and insensitive administration.
- In other cases costly medical evidence is required at the client's expense prior to the submission of a claim on the policy.
Policyholders are buying PPI in the false belief that it will protect them.
Policyholders are not at fault. The fact is PPI isn't the all encompassing product it is often claimed to be. These policies when sold inappropriately will never be fit for purpose.
For further information call us on 0845 271 4005, or click here to claim online.
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