Most money lenders in the UK will offer Payment Protection Insurance (PPI) when you take out a mortgage. Mortgage PPI is a policy that promises to pay your monthly mortgage payments in the event that you become ill or unemployed and cannot afford them.
Unfortunately many of these policies tend to be unfair mortgage protection insurance policies, because they are missold to people who either don’t need them or don’t fully understand them.
There are thousands of cases every year in which people try and claim on PPI policies that they have taken out on mortgages, loans or credit cards, only to find that an exclusion cause that they were not aware if prevents their claim from being successful. In fact, a recent Citizens Advice Bureau survey found that a massive 85% of people who have tried to claim on their PPI policies have been refused.
Payment Protection Insurance can add anything from 13% to a huge 56% to the cost of a credit agreement, and the CAB estimates that, in the UK, more than 20 million PPI policies are in force, generating in excess of £5 billion in annual premiums for insurers.
If you think you have been a victim of unfair mortgage protection insurance, complete our form - see link below: