Mis Selling of PPI – Victims of Fraud Can Receive Justice

In recent years, residents of the UK have been subject to millions of fraudulent instances of lenders participating in the mis selling of PPI.   Claims made against a number of popular, well-known lenders drew the attention of the Financial Services Authority (FSA).  Once this organization became involved, investigations began to discover if customers were being given all the information required to make an educated decision about whether PPI was right for them.  An alarming discovery revealed that in many instances, proper disclosure of eligibility, criteria to make a claim, and other deciding factors were left out, which led to the mis selling of PPI.

When disclosed to customers correctly, PPI can be a valuable form of insurance.  It is intended to protect borrowers from times of inability to pay due to injury, illness, or accident that prevents the person from working and making an income.  Until work can be resumed, PPI covers the loan payment in full.  However, about 70-75% of PPI policy claims are denied because policy holders do not even comply with the terms of the policy.  This clearly points to a mis selling of PPI, as anyone with enough information would not sign up to pay premiums on insurance they are not eligible to benefit from.

In the case of the mis selling of PPI, borrowers may be signed up for PPI without even being notified.  In other situations, lenders use intimidation to coerce the borrower into signing up for the insurance.  What is worse is that many lenders who implement these tactics force people to pay for PPI by adding an overpriced premium to the total cost of the loan without disclosing that this combination had occurred.  On top of all this, some lenders ask for a lump sum at the start of the loan to pay for the payment protection insurance so borrowers do not even have the option of cancelling the PPI.

If all of these conditions have you fuming, you need to take action like millions of other UK residents who have the same feelings.  Those people who make claims in situations where there was a mis selling of PPI should earn the reimbursement they deserve.  Therefore, if you want justice served, get in touch with Fast Track Reclaim to help it happen.