Welcome Finance PPI Mis-Sold To Consumers
Added: (Wed Sep 25 2013)
Pressbox (Press Release) -
Welcome Finance is just one lender of many that have been caught up in the payment protection mis-selling scandal. Major banks and other lenders have been found guilty of mis-selling policies to millions of people across the country and those that are found to have been mis-sold PPI have a right to claim back the money that they have paid towards the policy along with annual interest. Welcome Finance PPI claims can total several thousands of pounds and consumers can access the money in a matter of weeks in some cases.
In some cases, consumers were told that the credit they were looking at was conditional on their application and acceptance of a payment insurance policy. PPI policies were meant as a value added product and while they were often sold alongside financial products like loans and mortgages they were never considered and should never have been sold as an essential requirement. Those consumers that were informed they would not receive the credit they were applying for unless they also took out PPI were mis-sold their policies.
Similarly, because PPI is meant as a voluntary policy and cannot be forced or pushed on consumers, those that were not made aware of its inclusion in their monthly repayments were also mis-sold policies. Welcome Finance PPI claimants could be owed thousands of pounds per policy if they were not informed of the inclusion of the policy premiums within their monthly repayments. This can be one of the more difficult cases to prove, though, because the consumer is obviously not aware of the existence of the PPI policy.
Welcome Finance PPI was also mis-sold if the policy holder was under the age of 18 when they took out the policy. It is illegal for people under the age of 18 to take out certain policies and this includes PPI but if a person was sold a payment protection policy that was not suitable for their circumstances or their needs then there is a case of mis-selling for the lender to answer. If the policy holder was aged over 65 when the policy was sold to them then this is another case of mis-selling.
PPI is not considered appropriate for everybody and there are many cases where a policy would not pay out even if it was needed. A pre-existing medical condition, such as stress or a heart condition, typically meant that if the policy holder needed to claim as a result of this medical condition then they would not be able to claim the money that they needed.
There were other ways in which Welcome Finance PPI was mis-sold to its clients. Consumers are encouraged to check their documentation and the terms and conditions associated with their payment protection policy to first determine whether they have been paying for this insurance and also to try and calculate exactly how much they have paid and over what period. Welcome Finance PPI claims could be worth thousands of pounds per policy so there is definitely good reason to check.
For More : http://www.ppiexpert.co.uk/welcome-finance-ppi-claims.html