Cork Based Company Offer No Win No Fee Service to Reclaim Mis-sold Payment Protection Insurance
Co. Cork, Ireland — 22 Sep. 2010
22nd September 2010 - A Cork based Claims Management Company trading as Finance Claims are offering a No Win No Fee service to reclaim mis-sold Payment Protection Insurance or PPI as it is more commonly known. PPI has been widely mis-sold by banks and lenders during the Celtic Tiger and as a result thousands of Irish consumers are now paying or have paid excessive monthly premiums for Insurance cover on Loans, Mortgages & Credit Cards which they were told was compulsory, did not need, did not ask for in some cases which would not cover them in the event of a claim. Finance Claims offer consumers the chance of a no obligation review by means of an online mis-selling test which can be taken by visiting their website www.financeclaims.ie and a No Win No Fee service for successful applications subject to terms and conditions.
Payment Protection Insurance is one of 7 review services offered by this company but the only one offered on a No Win No Fee basis. They also deal with the mis-selling of Mortgages, Credit Cards, Credit Agreements, Investments, Pensions and Life Assurance. All services are offered to consumers with an initial no obligation review and each case is reviewed by a panel of expert consultants and legal team.
Payment Protection Insurance within Ireland has been aggressively sold by banks and lenders so that they can reap the rewards of the multi million euro revenue stream it generates on an annual basis. It is often sold to consumers under the pretence that it is compulsory and to consumers who will never benefit from it. Many PPI policies have exclusions in the fine print which will prevent payout for self-employed individuals, those that are on contract or temporary work, those over 65 and under 18years of age and those that have existing medical conditions. With over 450,000 people currently on the register within our country it is expected that a large percentage of these individuals will have been mis-sold Payment Protection Insurance and could be entitled to compensation.
Outside of the number of consumers currently on the register there are also expected to be thousands of individuals in employment who have been mis-sold this costly Insurance cover. Consumers often feel pressured into purchasing PPI and some are often told that it is a compulsory in order to secure the credit that is being agreed. This is incorrect information which is being passed on by the banks and lenders as the Consumer Protection Code states that PPI has to be sold as an optional cover.
Payment Protection Insurance on a €10,000 loan can cost a consumer as much as €2000 extra and on credit cards it can amount to as much as 8.5% of a monthly balance. On a Mortgage however the numbers increase significantly. On a €300,000 mortgage over 30 years a consumer can pay as much as €20,000 for this insurance cover. These are extremely expensive premiums and in some cases they are being paid for on policies which will not payout in the event of a claim.
Finance Claims will look to reclaim all payments made towards the PPI policy, relevant interest charges and damages for the mis-selling if applicable. They believe offering consumers a No Win No Fee service for reclaiming mis-sold PPI will allow them the opportunity to fight back against mis-selling without incurring any upfront charges which many may currently be unable to pay considering the current economic climate.
For more information please visit: http://www.financeclaims.ie |
