Are You A Mis-sold Mortgage PPI Victim?
The mis-selling of mortgage PPI or mortgage payment protection insurance is possibly one of the worst financial mis-selling scandals of all time.
The premium for a mortgage is nornally added to it meaning that the policy holder also pays interest on the insurance policy too! Great news for the lenders. Bad news indeed for the consumer.
Banks and other lenders made vast sums of money from the sale of Mortgage PPI Policies and charge extortionate rates for the insurance which rarely pays out because of the restrictions and exclusions that were actually designed to stop people being able to claim.
There are many ways in which each PPI policy may qualify as a mis-sold policy.
Lenders often say that the PPI was needed to get the loan and do not give borrowers the chance to look elsewhere for PPI. Other failings on the part of the lender may have included selling a single premium policy that is paid up-front, or selling a policy to someone who is outside the eligible age range to benefit from the policy.
Perhaps most extreme for mis-selling a policy designed to cover people for loss of earnings from employment, was to sell to people who were unemployed or self-employed, rendering the policy meaningless.
The PPI premium on credit cards is added to the monthly repayment figure and this can run into thousands. Especially if you have had the card for a long time and keep a high balance. The premium is usually a percentage of the balance. For example £1.00 per £100. You may think "Well, that's just 1%", but if you have a balance of � you will be paying £10.00 per £1000. If you have a £10 000 balance that amounts to £100 as well as the normal payments.
Mis-selling scandal
Many people do not even realise they have PPI. Many people do not have any idea how much it cost them as it is not made clear. Lenders made it hard to cancel when people do realise just how much the PPI has cost them.
It is up to the seller to make sure you have been fully informed of all of the restrictions. If you have a pre-existing illness you will not be able to claim.
There are more than 10 reasons why a mortgage PPI policy might have been mis-sold, so if you are like the rest of the UK population there is a very high chance you will be eligible for a reclaim. The good news is that you can claim it all back with interest and the commission paid to the lender who sold it.
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Visit http://www.ppifreedom.co.uk to find out more about how to make a mortgage ppi claim which could be worth thousands on pounds to you
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