CONSUMERS CLAIMS PPI DURING THEIR FINANCIAL DIFFICULTIES AND THE SUCCESS RATE MAKE THEM RELY ON PPI CLAIMS

In recent years the many countries of the world have faced economic downturn. Some of the countries got bankrupt where as other were bailed out. United Kingdom was one of those countries which faced the crisis. The worst effect was of debt crisis, which means that the banks, financial sectors, groups or individuals who provided loans did not recover it and faced extreme financial difficulties. The debtors were not able to pay their debt and if they kept their asset as a security then the value of that asset fell so dramatically that only minimal amount of loan could be recovered.  Now the economy has sustained and debtors are going for Payment protection Insurance (PPI) so that when they are not able to pay monthly interest or repay principal amount then this can be done by PPI claims. Debtors claims PPI at any time, within the specific duration of 

Payment protection insurance.

Payment protection insurance is one of the insurance products that are taken up by debt holder which can by in any form, like mortgage, credit card payment, home loan or business loan. This insures the consumer that their repayment of interest and interest amount will be done with the insurance provider company at the time when the consumer is unable to do so.  if the borrower decease, get ill, get redundant or is jobless or in extreme financial difficulties then PPI claims will release the stress of repayment and interest payment. Once the consumer claims PPI then the creditors are bound from calling directly to debtors, this is also relief for debtors as the insurance providers directly co ordinates with the creditors.

There are chances that the borrower will face mis sold PPI as in recent years there has been many scandals in United Kingdom regarding mis sold mortgages. The reason of mis sold is that the borrower was told that buying Payment protection insurance is part of regulations regardless of the requirement of borrower. It is advisable that the borrower should take a complete knowledge of PPI and see If it is desirable or not. If you think that you are wealthy enough to make all your monthly interest payments and have enough liquid amounts to repay your loan then do not go for PPI but take advice of expert financial consultants.

There are many companies in United Kingdom which have PPI as their insurance product but the borrower should seek for the company with the best output. Some companies charge fees if consumer claims PPI, some companies have policy of No win, No fees and some companies do not charges fees at all. The procedures of PPI claims are very easy and affordable and benefits are higher than cost.

How to go about insurance claims and ppi claims

Successful claims for any insurance policy are never easy to make as the insurance providers make you go through a lot of formalities and procedures which stresses your nerves.  Every year all over UK, insurance claims are filed for a large variety of purposes like Accidents insurance claims, PPI, dental insurance, life insurance etc.

Types of insurance claims and awareness to clauses:

Accidents claims are filed in various shapes depending on the policy you have taken e.g. car accident claims, road accident claims, motor cycle accident claims, whiplash accident claims and work accident claims etc. Every insurance policy has its distinct features or clauses which are pre-decided between the policy lender and customer but the fact is that most of the customers are unaware of the implications of various clauses. The aforementioned fact makes a policy taker disable to draft a solid case for filing a claim and they are manipulated by policy lenders which results is an insufficient compensation. So it’s mandatory for every customer to be fully aware of the policy clauses so that they can file strong Accidents insurance claims.  Similar is the problem with people who take PPI policies as most of them do not even know whether a policy is required in their scenario or whether the policy is beneficial in their case. Having said that, it’s a proven fact that many of the policy takers do not possess the knowledge or skill to understand the procedures and formalities of filing a claim and this is where the role of expert solicitors or professionals comes into play.

Steps for smooth processing of insurance claims:

The best way to go through a simple and sleek process of claiming compensation for insurance policies is to hire skilled and well reputed solicitors who are expert and qualified in this domain. The first thing to understand here is that Accidents insurance claims and PPI claims are both insurance claims but are somewhat different in their implications and for this reason you need to hire consultants who specialize or are experienced in these specific domains. Reason being that an accident claims consultant though may be qualified to deal in ppi claims, but may only have a rich experience in one of them.  Still you can find many experts in UK who have the experience in a variety of cases and they are the best choice for any of your claim. 

Mis-sold Payment Protection Insurance (PPI)

The recent influx of mis sold Payment Protection Insurance claims have raised questions towards the ethical standing of many of the financial institutions, insurance brokers and lenders.  When the word of UK PPI scandals broke out in the recent years, many borrowers became conscious of the fact that they have been mis sold the UK PPI. As a result, many compensation claims were filed against the responsible authorities such as the banks. In order to have a successful claim it is important to know that how have you been mis sold the insurance policy.

In today’s competitive world almost everyone has taken some sort of loan, sometimes to fulfill the basic and justifiable needs, other times to fulfill their luxurious needs. However, repayment of the loan is one important factor to keep in mind. Failure to make the payments on time can have serious repercussions and so policies like Payment Protection Insurance were made to help the borrowers in repaying their loans.  Basically this policy covers your payments when you are faced with involuntary redundancy, i.e. if you lose your job or sometimes when you are ill, in such a situation it is not possible for the borrower to return the amount in a timely manner.  

The successful completion of the mis sold PPI claims vary from case to case and so it is important to know as to how the policy was sold. There a number of ways to mis sell the policy. Some of which are discussed below:

·         Unaware of the policy being sold: while you take a loan, the insurance policy is added to your contract without you having knowledge of it. If you are unaware of the fact that you have the insurance policy along with the loan, then there is a high probability of being mis sold the policy attached with it. But before making a claim it is prudent to be sure of it, and for that you should first go through the contract papers and try to find out if you have actually been sold the policy. It must be stated somewhere on the papers in case of being sold the policy.  

·         Acquisition of the policy is mandatory: when the brokers emphasize  that you are not entitled to receive a loan just because you are not signing up for the policy or that acquiring the policy might help you in getting greater amount of loans, then it is an indication that you can successfully claim your money back.

·         Other times the brokers’ mis sell the policy by not disclosing full information in front of the customers when it is indeed possible for them to buy it on cheap rates.

Why Many People are Filing PPI Claims

Most of the people who took loans over the last decade prefer to register Claims PPI (Payment Protection Insurance). Mostly recipients purchase PPI when they take out a loan. On the other hand, many consumers have been deceived about getting this kind of insurance on a loan. There are few very common malpractices that lenders have been guilty of for some years now. One of the common ones is miss-selling of overpriced and useless “Payment Protection Insurance” who’s only purpose is to make extra money for the lender without any benefit to the borrower. Is that normal? Does that happen many times? Yes, it is very common.

The effect of this kind of thing usually is that you end up paying approximately one and a half times as much as if you had just borrowed the money without this hidden extra attached to it!

It is very common that many borrowers are trying to reclaim some of their money they spent on invalid insurance policies. Mostly customers have been mis-sold about the insurance policy. People are filing PPI Claims for quite a few reasons for instance, if “completely guarded” based quotes were offered or in most of the cases if they were given the wrong impression about those are ineligible who are not employed or retired. People may also file PPI Claims if the stipulations of the financial institution were not entirely insured by the policy or may be if they were not asked about pre-existing conditions.

The truth about the PPI policies is that the people who pay for them are mostly ineligible to obtain the advantages. There are lots of conditions and restrictions set on the insurance policies that are not quite consummate to collect and this is exactly why most of the people are filling their PPI claim. The question is how far back can you claim PPI? Payment protection insurance is often mis-sold when getting a loan or credit. PPI is not valid if a person is unemployed, retired or a student. PPI is not a compulsory product. People could be owed thousands of pounds in compensation!

If you know that you are having mis sold PPI then simply claim PPI to recover the lost amount

The world has become too materialistic since money has gained its importance. These days where money is present, cheat and fraud are also a part some way or the other. From past few years it has been seen that large number of financial lenders who provide loans do cheat while making an agreement regarding loan. Either they mis sell something in order to make unacceptable profit or they use dome other cheap trick to make unnecessary profit. Mis sold PPI is one of the common methods used by these money lenders. This was witnessed a lot in European countries, especially in the United Kingdom. That is why its government made extremely strict laws against those money lenders who use such cheap methods to make extra profit.

Payment Protection Insurance is actually a product of insurance which is meant to recover the money of the financial lender during such circumstances when the borrower’s income is being affected. If the borrower is going through a medical problem due to which he is not able to earn money then Payment Protection Insurance proves to be useful for the money lender. When the borrower dies then it proves to be useful but in most of the cases it does not seem to be a good insurance. Mainly because of the fact that loans are short term compared to this insurance. But since government has passed some laws regarding it people can now claim PPI.

A person who has been mis sold PPI can recover his lost money by claiming his or her Payment Protection Insurance but it cannot be done without a good lawyer’s help. In order to file a case for claiming it people need to contact a renowned firm of lawyers which have a good reputation in such cases. Common people do not have sufficient knowledge regarding the rules and regulations associated with the cases of claiming Payment Protection Insurance. That is the reason people need to hire a lawyer who has great knowledge of every law which is linked with such problems.

To claim PPI people need to go through some procedures which cannot be passed without a lawyer’s help. First you need to contact a firm which will help you in understanding that whether you really have mis sold Payment Protection Insurance or not. If you are found to be its victim then they will help you understand the further processes associated with its claiming. This way they will guide you step by step from the filing of case till the end result which will be announced by the court. And if you would be working with a renowned and experienced team of lawyers then you will definitely win the case.

Preventative Measures taken to overcome the Problems of PPI Policies

With an increasing trend in use of consumer loans, purchase of Payment Protection Insurance (PPI) is also increasing. Although, this insurance is supposed to provide relief to the consumers it gives rise to some problems as well. One of the problems arises when a claim on PPI is turned down i.e. after buying a protection policy when the consumer claims its payment the issuer company of the insurance refuses to pay it back. Another problem is of mis sold PPI, which mainly is our concern here. In the past few years immense amount of complaints were made against the lenders, and so to assist these people in making PPI claims many PPI claim companies came into being.

Payment Protection Insurance (PPI):

What happens if you take a loan and due to some reasons it becomes impossible for you to pay it back? This was the question that the makers of PPI policy had in mind. PPI is something that can be purchased to assure payments of any kind of consumer loans in case a borrower is unable to work, it may include circumstance, such as, where the borrower becomes ill or handicapped or dies. The issuers of these PPI are usually banks or insurance companies. PPI are usually purchased when a loan or mortgage is taken but that’s not necessary, sometimes they are also acquired independently. In UK, PPI are also given other names such as loan protection, loan insurance and so on.

Mis Sold PPI:

The policy was apparently prepared to advantage the borrowers; this new creation was introduced as a smart option for the customer. But things did not work as smoothly for the borrowers, as they were perceived to be. Instead, they turned out to be in favor of lenders and the insurance companies or banks. The lenders used some tricks to mis sell these PPI. In some cases, when you took a loan they made acquisition of PPI mandatory. Sometimes, the buyers were not given proper information when they could have ended up buying cheaper PPI. Most of the times, the buyers were unaware of the fact that PPI is being added to the policy.

If you are sure to have a mis sold ppi then simply apply for ppi claims to recover the lost money

Frauds with loans and debts are a common thing these days mainly because of the fact that lots of people are associated with different types of loans. Majority of people do not have enough knowledge regarding loans and that is why they fall in the trap of money lenders. People are familiar with only basic things that apply for a loan, do a signature on the agreement and get money in the hands. They do not even realize that they have been cheated by financial lenders. This way most of the times they become victim of mis sold PPI due to which they need to face great loss of money. But this can be stopped and a person can even regain his money by applying for PPI claims.

PPI actually stands for Payment Protection Insurance and it is meant to recover money for the financial provider who has given loan to the borrower. But it works in certain conditions which have only one thing common, that the borrower’s income is badly affected. When the borrower is medically unstable, economically disturbed or is going through any other situation due to which he is not being able to earn then only PPI proves to be an advantage. During the process of explaining the borrower about the contract, financial lenders either skip the part of PPI or only mention its advantages to them but mostly they do not inform them about the disadvantages associated with it. These are ways through which money lenders mis sold PPI. But after witnessing increase in this problem many countries have introduced PPI claims which helps in recovering the money lost due to mis sold PPI.

By applying for PPI claims a person having mis sold PPI can get all the money back and he may even get some concession too, depending on how good the lawyer is. PPI is usually linked with those types of loans that are commonly issued through banks such as loans of credit card. To understand the concept behind mis selling of PPI and PPI claims a person need to consult an expert of this field. Such a professional who can make you understand that whether you are a victim of mis selling of PPI or not. You cannot simply claim PPI whenever you wish. You need to have strong evidences which can prove that you are a victim in the eyes of law and order of the country.

If you are sure to have a mis sold ppi then simply apply for ppi claims to recover the lost money

Frauds with loans and debts are a common thing these days mainly because of the fact that lots of people are associated with different types of loans. Majority of people do not have enough knowledge regarding loans and that is why they fall in the trap of money lenders. People are familiar with only basic things that apply for a loan, do a signature on the agreement and get money in the hands. They do not even realize that they have been cheated by financial lenders. This way most of the times they become victim of mis sold PPI due to which they need to face great loss of money. But this can be stopped and a person can even regain his money by applying for PPI claims.

PPI actually stands for Payment Protection Insurance and it is meant to recover money for the financial provider who has given loan to the borrower. But it works in certain conditions which have only one thing common, that the borrower’s income is badly affected. When the borrower is medically unstable, economically disturbed or is going through any other situation due to which he is not being able to earn then only PPI proves to be an advantage. During the process of explaining the borrower about the contract, financial lenders either skip the part of PPI or only mention its advantages to them but mostly they do not inform them about the disadvantages associated with it. These are ways through which money lenders mis sold PPI. But after witnessing increase in this problem many countries have introduced PPI claims which helps in recovering the money lost due to mis sold PPI.

By applying for PPI claims a person having mis sold PPI can get all the money back and he may even get some concession too, depending on how good the lawyer is. PPI is usually linked with those types of loans that are commonly issued through banks such as loans of credit card. To understand the concept behind mis selling of PPI and PPI claims a person need to consult an expert of this field. Such a professional who can make you understand that whether you are a victim of mis selling of PPI or not. You cannot simply claim PPI whenever you wish. You need to have strong evidences which can prove that you are a victim in the eyes of law and order of the country.

Easy and effective way to claim PPI

Miss sold PPI plans are the talk of the town these days and people want to claim back there premiums the easy way. PPI claims may pop up where a plan was miss-sold or where a plan which was earlier useful has lost its purpose.  An individual can himself claim the premiums under the plan by using the FOS service but the process is complex and lengthy as it requires a lot of correspondence with the policy lender or bank. Even after such hectic process, one may not be able to successfully claim the compensation and therefore this article has been drafted to give you some tips of how to go about these claims with better chances of success.

PPI solicitors

For those who want to put forward PPIclaims, the best path is to go for specialist PPI solicitors as they won't only make the process easy for you but they will also improve your chances of success. Most of the banks and policy providers higher experts to defend the claims which are filed against them and therefore it's very difficult for an ordinary man to deal with such professionals because they are far better equipped with the technical aspects of a claim. PPI solicitors tells you after looking into your case that whether you are eligible for filing such claim so that you do not end up wasting your time. So a person should always opt to claim PPI through expert solicitors as they will always draft a strong claim.

Other benefits of PPI solicitors

When the PPI solicitors are sure that you are eligible to file in a PPI claim, they will deal with your provider or bank which will prevent you from all the stress of paper work and other document filing procedures. They are so specialized and experienced for the purpose that not only they can recover the premiums which you have paid under the miss sold PPI but also the amount of interest based on the time of such premiums. You can find many companies who provide you with such services and the best thing about them is that they won't charge you any fee if they fail to win your case and many won't even charge upfront payments. So you are benefitted even if you lose your PPI claim and the benefit is that you do not have to pay a single penny and it also saves your time and effort.