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Archive for tag: PPI on Mortgages

How to Claim PPI Compensation on MORTGAGES

Payment protection insurance (PPI) was mis-sold to a variety of customers on the back of many different kinds of products. From credit cards to store cards, car finance and personal loans, no credit facility or account was safe from PPI.

However, thousands of customers are now claiming back every penny of their money after proving that they were mis-sold the insurance policy. There are instances in which people have claimed back tens of thousands of pounds after being mis-sold a PPI policy alongside their mortgage.

I have an insurance policy on my mortgage. How do I know if this was mis-sold?

Mortgage payment protection insurance, sometimes known as MPPI, is rare but there are some people who were mis-sold it.

When you apply for a mortgage, the bank or lender is taking a calculated risk that you can afford to repay the money they are lending you. Clearly, there is a difference between a £5,000 personal loan and a mortgage for £500,000.

However, the bank or lender can insist that you protect their investment by insuring the repayments against redundancy, unemployment and so on.

That said, they cannot insist that you buy only their insurance product and neither can they insist that you buy only a certain product from someone else.

Can I claim my money back?

It is possible but in cases relating to PPI and mortgages, the case can be more complex. For example, many customers were advised to buy a certain product. It may be that this was the bank's own version of PPI.

It may have been a sale that was carried out by the rules and regulations governing the sale of financial products. In other words, if you were advised to buy the product, you were given a written copy of the advice.

What must not have happened is that you were told or given the impression that by not buying the PPI policy that your application for the mortgage would be unsuccessful. You must have had the opportunity to shop around for another policy, if the bank insisted you had some kind of cover.

How do I make a claim?

Call Payment Protection Scotland and discuss your case in confidence. We will need to look at the policy and examine how and why it was sold to you. We can then make representation to your mortgage provider.

There have been some examples of amazing success of people who were sold a policy that did not cover them and thus, they received thousands of pounds in compensation.

Call us today to discuss your potential claim.