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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

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Article Added on Friday, November 4, 2011
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