It is often advised that making adequate arrangements to ensure that any repayments of mortgages and loans can be met thus avoiding any repercussions which ultimately could lead to house repossession, criminal charges and a badly affected credit rating. One such measure that can be taken is to buy Payment Protection Insurance or PPI.
Insurance of this type allows you to cover any payments in time when you are unable to work such as sickness, unemployment, accidents or redundancy. These situations can affect a person's ability to pay their debts. However there have been many examples of mis sold PPI where the benefits to the borrower are used to misguide them.
If you are unsure as to whether you have been mis sold PPI then there are some indications that can be used to identify whether you have a case to reclaim PPI. The first is extremely cut and dry - if you have been sold PPI without being informed that the insurance has been added to your loan it is an immediate case for reclaiming PPI.
Another straight forward case is where the lender failed to point out the PPI was an optional insurance policy and that it was perfectly within the borrower's rights to decline. When taking out a loan you need to carefully check the breakdown of costs to ensure there are no hidden charges within the loan plan. There are some financial institutions that pressure their customers to buy these types of insurance policies and this is also considered to be mis sold PPI.
All these above cases entitle the borrower to reclaim PPI charges as the action taken by the lender has been against their rights as a consumer. At Empire Claims we can quickly and expertly assess your case to see whether you have been mis sold PPI. We can take you through the process to ensure you get back the money that is rightfully yours.