PPI Complaints Growing At An Alarming Rate

06/06/2010 by Bradders.

For the past two years PPI complaints have been steadily increasing in the
UK as thousands of people discover they have been conned into additional payments with unwanted payment protection insurance tacked onto their loans without their full understanding or in many instances knowledge.Payment protection insurance is placed on a loan, mortgage, store card or credit card by the seller as a means to protect the borrower against default on the finance agreement.

This is protection if there is a change in the borrowers circumstances like the loss of a job, an accident or long term illness.However, some loan companies realised how easy it was for them to add PPI to a debtors account without receiving their permission and thousands of borrowers are discovering that they have unwittingly purchased a PPI policy. A high percentage of credit card companies took this tack and its only now that the British public are waking up to this fact..Now missold ppi is attracting huge media attention consumers are now realising after looking at their statements that they are paying for payment protection insurance, but did not ask for it. These people have a case for a ppi complaint and should be entitled to receive a full refund of the moneys paid. In most instances a six year time limit applies from the time the agreement is signed but with credit cards being ongoing you can go back much further with a claim.

There are a number of reasons for a missale and one or more may apply to you. If the borrower was under the age of 18 or over the age of 65; if their current work status, at the time of the loan and payment protection insurance policy addition was in question such as knowing they were about to be fired or if they were a temporary or seasonal worker, or if their work was under 16 hours a week. Other conditions that could be considered for a case against wrongful doing on the part of the PPI policy people would be the health of the consumer like a pre-existing condition.

Yet the most frequently noted reason for a consumer receiving PPI insurance on a loan or credit is because they were either told they could not obtain the loan without the PPI or that they were never told that PPI was attached to the agreement.Many people are reluctant to make a ppi claim because they fear this may affect their credit scores. The good news is there is absolutely nothing to fear regarding this and they will get back all the premiums they have paid with associated and in some cases statutory interest .

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