Information On Mis Sold Mortgages Payment Security Policies
Mortgages payment protection insurance plan is a type of payment coverage plans
. This plan is available to cover mortgage payments when policy holder is unable to make payments in certain situations. It will cover payments of several unpaid debts and financial obligations if any unfortunate happens to you or you are out of job due to redundancy or sickness. Though it seems a very good plan in theory, there are numbers of problems and points that should be considered with the plan.
One common problem associated with almost all PPI plans is controversial selling of it. Mis sold mortgage payment protection insurance has been sold at wide scale by UK lenders and policy sellers. PPI scandal has been made by banking institutions in last few couple of years. Above 20 million UK borrowers are dealing with the problems of mis sold mortgages payment security coverage. Several companies involved in this scandal have already banned and fined for this unfair practices. They have also lost the trust of consumers. People who have invested in payment protection insurance program may not get any coverage due to exclusion.
Examine the statements below to see if you have Mis Sold PPI:
Whether your insurance provide tell that PPI is compulsory with the loan
Were you unaware about the plan has been already added with the loan?
You were not informed about the actual charges of insurance cost and also of your loan
Insurance provider have sold the plan even you were unemployed or self employed
You were sold the plan even you have been pre-existing health condition at the time of borrowing loan
You were told to pay PPI in hard cash at the time when you sign up for it
If above situations or anyone of them are true in your context then you must have controversial mortgages coverage. Majority of UK borrowers are facing the problems of Mis Sold PPI plan. Individuals who have borrowed mortgages against the security of their home then payment coverage plan are quite beneficial for them but only if it was sold with right provision. This is also a big reason, people fall in PPI scam.
Now, if you have verified that you have mis sold payment coverage plan then you must claim to get PPI refunds. Financial ombudsman services can help to complete PPI claim process. You will receive compensation if you really paid for controversial PPI plan.