Posted By admin on November 6, 2012
Are you one of the people who is planning on pursuing a lawsuit against a financial institution because you are one of the millions of victims who wrongly paid protection insurances? You definitely have some payment protection insurance claims and you want the financial institution to pay for its mistakes. For those who are not familiar with this subject, the problem started 6 years ago, when the rules of financial institutions changed. Some of them were losing too much money because they were offering loans and finances and their clients couldn’t pay for them anymore. A rule introduced 6 years ago says that the client who needs a loan or a finance has to also pay a protection insurance that should cover the monthly rates if the client becomes unable to make the payments anymore. So far, there is nothing strange. It is understandable that all financial institutions want to be sure that they won’t lose money anymore.
So, where is the problem? Unfortunately, numerous financial institutions do not explain their clients the fact that they practice huge prices for the insurance and the fact that the client can choose to sign an insurance policy with an insurance company, not with the financial institution. You end up wrongly paying huge amounts of money for an insurance that you signed with the financial institution that offered you the loan instead of saving a lot of money by hiring an insurance company. This is the reason why so many people have payment protection insurance claims. They are simply trying to recover their money by getting a full compensation of all the monthly payments. The compensation can be received if you pursue a lawsuit, which is a complex and complicated process that requires the experience of a lawyer specialized in this type of cases. You should hire such a lawyer, as you will be receiving a great helping hand.