About Unfair Bank Charges
If you have ever secured a Loan, Mortgage or Credit Card in the last few years you could be due a cash windfall without even knowing it. Lenders have been mis-selling PPI to credit holders so that they can enjoy the rewards of the multi billion pound revenue stream it provides.
PPI is an insurance policy sold with credit to protect the borrower should they ever become unable to repay the debt. It is usually sold with loans, credit cards and mortgages. In retrospect it sounds like a great insurance cover and one that every borrower should have but when you review a little closer you will see that it really is not as fantastic as it sounds. These payment protection policies often don’t pay out when you need them to and upon closer review it was found that various financial institutions had been mis-selling the policies. They were being mis-sold to increase banking revenues not to protect borrowers who were paying these costly insurance policies. If you have had a Loan, Mortgage or Credit Card in the last 6 years it is recommended to check if you have had PPI. If you find out that you do have this costly insurance policy you should check the terms and conditions and try to recall the details surrounding your purchase of that policy. If you can recall the way in which it was sold you can gauge whether or not it was mis-sold. When securing the policy you should have been asked a number of questions relating to your work and medical history as well as being advised you could purchase the cover elsewhere. The problem with PPI/payment protection insurance however is that these questions were not always asked and the policies were simply sold without any idea on whether or not they would cover the insured. It is also not uncommon for a consumer to find out that they have Payment Protection Insurance without even requesting it. This is considered a high form of mis-selling. If you believe you may be a victim of PPI mis-selling you should Reclaim Bank Charges and interest payments made towards the mis-sold policy. The average refund is £2500 and this can be recovered with some specialist companies within 4-6 weeks.
A separate in which consumers can find themselves dealing with a cash surplus is if they look to recover all excessive credit card charges imposed upon them over the years. Due to a ruling by the OFT all excessive charges over £12.00 can be recovered by consumers. If you consider that credit card lenders often charge as much as £35 for overstepping a credit amount or for missing a payment due date you could soon be entitled to quite a sizeable refund. You can Reclaim Bank Charges for extortionate credit card charges using no win no fee services with no upfront costs just like with PPI reclaims.
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In: Bank Mortgage Loans Articles · Tagged with: PPI