bharatbhasha.com
Free Articles  >>  Business And Finance >>  Page 1663  >> 

Lenders Sold PPI To The Armed Forces





It has been reported that Lloyds TSB have been misselling Payment Protection Insurance (PPI) to The Armed Forces for a large number of years. Even though the financial institution knew that such insurance policies were useless for serving soldiers, those taking out credit agreements on mortgages, car finance or credit cards were sold insurance policies that were not needed.

For those serving with The Armed Forces, PPI is covered by employers, meaning that should sickness, injury or redundancy occur, soldiers can receive payouts to cover debt such as loans, mortgages or credit card payments. Even though Llyods and other lenders knew that the policies concerning PPI were completely useless, they still continued to sell PPI to servicement and women who were looking for credit. In addition, the missold PPI was often pushed upon individuals as being compulsory when it is entirely optional.

Lenders often did not explain the terms and conditions with their customers and authorities have really cracked this year on PPI misselling as a result.. The problem is that some very specific points regarding PPI can easily render the policy completely null and void. Meanwhile, the financial institution were also said to omit taking details of medical backgrounds from customers; a vital component of offering PPI due to present conditions often invalidating the very policy individuals are being sold.

Whilst knowing the options behind taking out PPI, Lloyds TSB were said to often inform personnel from The Armed Forces that credit applications were never approved without PPI. However, this is a complete falsity as holding PPI has no affect on whether an application for credit is successful or not. After a Judicial Review in April 2011, it was found that many banks have been misselling PPI, often advising customers that it was compulsory when it is entirely optional. In some cases, individuals were not even told about the insurance, or told that their credit agreement request would likely fail if they did not take out some form of PPI with the financial institution.

For armed forces personel, former and alsothose still serving, it is absolutely vital that they check their financial agreements for any evidence of having paid Payment Protection Insurance (PPI). If an individual can recall having taken out a PPI policy of Lloyds, or in fact any other Lender, they are urged to seek advice. Now that Lloyds and other Lenders are now legally obliged to provide financial redress to those client who have been missold it means servicement and women could be in the line for receiving thousands in PPI rebates. Those who have taken out a credit agreement in the past ten years are urged to check for possible PPI policies as a priority. Moreover, for those who discover they have indeed bought a policy unknowingly, thousands of pounds could be waiting in compensation and repayments.

About Author Colin Hartness :

Colin Hartness is the Managing Director of Fast Track Reclaim specialising in No Win No Fee PPI Reclaim Service with No Upfront Fees and maximum client compensation. To find out for free if you can claim back PPI visit Fast Track Reclaim


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/334443


Article Added on Friday, November 4, 2011
LD
Other Articles by Colin Hartness

UK Consumers Strongly Advised To Check For Missold PPI
The missold Payment Protection Insurance (PPI) scandal has been well documented in the press, but many people may not realise that they too are affected by it. In addition to many consumers being told that buying PPI was vital for credit agreements to go through, a large number of individuals did not even realise that they were buying an insurance product when they took out a loan. In addition, for this group of customers, checking statements and agreements could unveil thousands of possible...

High Court Orders PPI Refund
A Judge has created a legal precedent in the High Court by being the very first High Court Judge to decide that an Unfair Relationship has been created between a Consumer and a Bank as a direct result of the sale of Payment Protection Insurance (PPI). This occured in the case Yates & Another v Nemo Personal Finance Limited & Another. Since the seller of the PPI policy received a financial incentive which was not disclosed to the Consumer, his Honour Judge Platts decided the sale of...

PPI Claims Total Is Revealed
It has been revealed that the claims total for Payment Protection Insurance (PPI) has hit £320 million and continues to increase. After the Judicial Review in April 2011, an increasing number of people have been coming aware of their missold PPI situations and as such have been seeking ways to gain compensation and repayments. The PPI misselling scandal has been hugely highlighted by the media, which in turn has led to millions of individuals questioning their bank and discovering that...

Figures Reveal Rising PPI Payouts
The last few months has seen a dramatic rise in the rate of payouts for missold PPI. In the months of May and June this years the banks have paid out over 100 Million pounds to their customers who have raised a complaint aginst the selling of PPI. After revealing the figures, the Financial Services Authority (FSA) said that the data consisted of the 16 financial institutions and banks who had contributed to more than 90 per cent of the claims. After the court case to determine whether PPI...

Credit Card PPI Surprise
Imagine checking your credit card statements because you had an inkling you were paying a premium for payment protection insurance and discovering you had a claim for over 20,000! Well, this is EXACTLY what has happened to a consumer last week. Within 24 hours of submitting PPI Claim Forms he discovered he had been paying PPI premiums all the way back to 1999. A letter of claim to the lender was immediately sent for over 20,000 re-inforced by an undenieable statement of redress for the mis...

Publishers / Webmasters
Article ID: 334443
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


168 Users Online!!
Related Articles:
Latest Articles:
 
Business And Finance >> Top 50 Articles on Business And Finance
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Business eMail Address Provided By AwareIndia







Company IDS