Mortgage PPI – Payment Protection Insurance
If you have a mortgage you will be only too aware of how difficult it could be to keep up with your repayments should you lose your job or fall ill and be unable to work for months on end. It is for these reasons that many banks and building societies offer Payment Protection Insurance (PPI) with their mortgages. Unfortunately, many of them have also mis-sold Payment Protection Insurance, which could have cost you thousands of pounds in unnecessary payments.
Mortgage Payment Protection Insurance
At Payment Protection Refunds we are able to assist our clients with mortgage Payment Protection Insurance claims and we can help you to find out whether you have been mis-sold PPI. There are many ways in which Payment Protection Insurance has been mis-sold in the past, with some of the biggest UK banks coming under fire for this kind of activity.
Reclaim Your Mortgage Insurance Today
If you were forced to take out payment protection insurance in order to continue with your mortgage application, or if you were told that taking out Payment Protection Insurance was mandatory, you might be able to reclaim mortgage insurance. Other warning signs of mis-sold PPI include being misinformed regarding your payment protection insurance plan.
Mortgage Payment Protection Insurance Example
For instance, the bank or building society might not have informed you about a cooling-off period in which you could cancel your PPI, or they might have carefully avoided letting you know that Payment Protection Insurance is optional. Some banks have faced PPI claims for implying that payment protection insurance can make mortgage repayments cheaper, or that taking out a PPI plan could help your mortgage application to be approved.
Mortgage payment protection insurance statistics
UK banks have set up multi-billion pound provisions to compensate customers who were mis-sold PPI; Lloyds Banking Group have set aside £3.6bn, HSBC have provisions of £745m,and RBS have estimated they will compensate £950m. Payment Protection Insurance has become the most complained about financial product ever.
Payment Protection Refunds can help you make a claim !
If you feel that the salesperson was unnecessarily pushy when selling you payment protection insurance and that you felt as though you weren’t able to say ‘no’ to taking out a plan, there is a chance you could be eligible for a payment protection insurance claim. If you have only just discovered that you have a PPI plan on your mortgage that you never agreed to, we could help you in making a claim. Similarly, if you were not told all of the facts or if you were not in employment when you were sold the plan, we can give you the assistance required to file a complaint with the bank or building society.