The FOS (financial Ombudsman service) has complained to the industry's regulator in that it thinks lending sources are willfully trying to block the Ombudsman process. It says some lenders have been opposing out of hand all consumers attempts to reclaim their losses, and in 2009 as many as 89 per cent of cases of consumers'' mis-sold loan insurance cover dealt with by the FOS were decided in favour of the consumer.
When considering the action you could take about your mis-sold loan insurance cover you must factor in the loss of your time as well as the loss of your money. Legal action after this should come up with a result which serves the needs of both. Only by attaining both of these can you truly be said to be completely satisfied.
It must be a dreadful feeling when you consider your mis-sold loan insurance cover and the waste of money it was. Happily, there are laws that allow the redress of this wrongdoing and the restitution of your money. Such legislation exists to defend the rights of the consumer.
The outcome of legal action brought in according with peoples mis-sold loan insurance cover will be binding and will set a precedent for consumer legislation to come. What finally matters is that the customer is fully recompensed for what has been previously lost. Legal precedent in the UK is these days staunchly implanted against any charlatans who are responsible for this bad practice.
Lots of ordinary people have inessential protection insurance cover as an outcome of their mis-sold loan insurance cover which has been sold to them by unprincipled and unscrupulous salesmen and this is merely insurance that they don't need because the product they bought already has its own cover or they are already covered by consumer laws or legal precedent. Another consideration is that it would not be possible to attain the scale of loss included with the protection insurance.