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The PPI Con

By Tom Doerr

Borrowers should be covered for their debt repayments if they have PPI cover and something unexpected happens, but an increasing number of people are realising that it is one big con. It has been sold to people who are uninformed and who can’t afford it and often people who want it but don’t know they are ineligible.

PPI is cunningly attached to any loan or credit by most banks and in some cases, employees are forced to sell useless policies in order to maintain their jobs. The idea of PPI is great for borrowers, mostly in the recent economic hard times, when unemployment has reached a record high, it should mean that a few months without income doesn’t mean becoming homeless because of loan repayments. Realistically there have been almost no cases where PPI has benefited a borrower.

Thankfully banks and lenders who have mis-sold PPI can be held accountable by the everyday consumer. There are many companies who focus on financial law and plenty of them specialise in reclaiming PPI payments.

Many people don’t realise the variety of circumstances in which the sale of PPI can be considered illegal, if you were unemployed, self-employed or simply over 65, your PPI payments were void and you can reclaim all the money. If you weren’t explained all the terms, you can claim it back and if you were told you had to buy PPI from your lender, ask for it back!

Reclaiming PPI payments is your own responsibility but the Financial Services Authority and the Competition Commission have cracked down on the crooked tactics of the industry. They are even fining any organisation deemed to have broken laws on PPI selling.

In 2009 a watchdog ruled that companies are now required to accurately sell PPI to customers ensuring they are not overpriced, customers can chose to opt out at any time and they are completely covered.

If you think you have been miss sold PPI, then see if Dons LLP can help you with your PPI claim.

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Topics: Mortgages | Comments Off

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Article Citation
MLA Style Citation:
Doerr, Tom "The PPI Con." The PPI Con. 25 Jul. 2010. uberarticles.com. 14 Oct 2014 <http://uberarticles.com/finance/mortgages/the-ppi-con/>.

APA Style Citation:
Doerr, T (2010, July 25). The PPI Con. Retrieved October 14, 2014, from http://uberarticles.com/finance/mortgages/the-ppi-con/

Chicago Style Citation:
Doerr, Tom "The PPI Con" uberarticles.com. http://uberarticles.com/finance/mortgages/the-ppi-con/


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