Mortage PPI
Was your Payment Protection Insurance (PPI) policy mis-sold to you?
Mortgage payment protection is intended to provisionally protect against the sudden loss of income and therefore an inability to meet monthly loan payments due to unforeseen circumstances. A mortgage is a loan secured by an estate and repaid in monthly instalments over a set period of time. The mortgage secures your pledge that the money borrowed will be repaid. To the majority of us, a mortgage is the largest and most significant financial obligation we will ever undertake. The word mortgage alone, however, in modern parlance is generally utilised to mean 'mortgage loan'.
A home buyer or builder may obtain financing from a financial institution either directly or indirectly through intermediaries to either purchase or secure a property. The most commonly approached class of such institutes are the same banks that the borrower sought the original loan from. This has led to a great deal of controversy regarding the mis-selling and monopoly of mortgage payment insurance. Features of mortgage loans such as the dimension of the loan, maturity of the loan, interest rate, method of re-payment and other characteristics can vary considerably.
A mortgage protection plan is an insurance policy designed to protect the lender from default of payment by the borrower in specific situations such as unforeseen unemployment, inability to work or earn an income due to injury or similar. The common, and increasingly actionable issue, at hand is that these policies are frequently mis-sold to borrowers from the same financer of their loan and, as such, questionable sales techniques have been cropping up for years.
Many borrowers who acquired such mortgage payment insurance with their loan were made to feel that the financing agreement was subject to this arrangement when in fact it legally can have no bearing on a loan application. Hundreds of other clients found out later that they had paid extremely uncompetitive rates for this limited form of insurance and that alternative financial institutions, other than their lender, would have provided a more reasonably priced product. Even more worrying was that these clients had been sold a protection policy which would not in fact pay out to them, due to the category under which they had accepted it.
At Direct Financial Reclaim we examine the PPI sold to you, establish if your protection was suitable to your specific status, see whether there was undue pressure applied during the sales pitch and whether the sale was in fact legal, binding, properly explained and fair. Should this turn out not to be the case, our expert team will engage the litigation on your behalf to seek just remuneration for you with regard to your mortgage payment protection.
We can look to recover the full cost of a mortgage PPI policy (which is often THOUSANDS of pounds) plus interest, if we believe that you have been miss sold PPI
