Mis Sold PPI Claims Information
Was I Mis-Sold?
Payment Protection Insurance (or PPI) was mis-sold in a number of ways. Mainly it came down to either the way it was sold to you at the point of sale, the wording of the terms and conditions, or the exclusions in relation to your personal, financial or medical circumstances. We have outlined below some of the main points which could constitute mis-selling, and which could result in a successful and substantial refund for you!
You were told that the insurance was compulsory (or you weren't told that it was optional).
These facts should have been explained to you in full at the point of sale in order that you could make a proper decision on whether to include the insurance with your loan or not.You were told that you had a better chance of getting the loan / credit card / mortgage if you took out the payment protection insurance.
This is just a down-right lie! Insurance was in no way tied to the likely hood of you getting a loan. Any responsible lender would perform detailed credit reference searches and would loan money based on these factors. This method of 'selling' was purely scare-tatics or bullying.Your medical history wasn't discussed in full at the time of taking out the policy.
Insurance companies sometimes have exclusions relating to pre-existing medical conditions, or certain conditions that they won't pay out for. If this wasn't discussed with you in full, then you could potentially have a claim. Click here to get your PPI claim started!The PPI premiums were added to your loan / debt and you were unaware of this.
This sort of 'selling' was quite common with store cards and credit cards. By adding the cost of the insurance to the loan it was easier to sell, due to the fact that the customer didn't have to pay anything up front. However, this normally resulted in the borrower having to pay extra interest on the cost of the insurance.You weren't in full time employment at the time you took the policy out.
A lot of policies will not cover you if you are self-employed, for example, or if you are only a temporary employee. If these details weren't discussed with you, then click here to get started on your claim now!You had to opt-OUT of the PPI by ticking a box.
The FSA (Financial Services Authority) has ruled that this is not the correct way of marketing or selling this type of product. During loan / credit card applications customers weren't noticing the box and ended up paying for insurance that they didn't even know they had asked for! If this happened to you, get your details into us now to start your claim!You had an existing protection policy which would have covered the debt, or you had other means of paying the monthly instalments.
Once again, if the PPI policy was sold to you without a discussion around these points then it was probably mis-sold to you. If you had other ways of supporting yourself whilst out of work, or following an accident, then the insurance was an unnecessary cost. Don't delay, claim today!
There are lots more examples of mis-selling. Simply put, if you have a loan, credit card, mortgage, car finance or any other type of debt, and you have payment protection insurance included, get in touch and we will tell you if you have a claim. The likelihood is you do!
Click here to ask for a call-back or use our speedy online PPI claim form.
Types of PPI
Accident Sickness & Unemployment Cover
This is a very popular form of payment protection, and is commonly known as ASU. The concept behind the policy is to protect the customer (i.e.. you) in the event of illness, accident or redundancy/unemployment, and provide a monthly, tax-free payment which will cover the cost of the loan instalments.
They are normally sold alongside mortgages and is the main reason why most people would have heard the term ASU.
The problem arises with the way the plan was sold to the customer, or the broad exclusions that are hidden in the small print. This small print could totally exclude you from ever claiming due to your medical history, occupation, or employment status.
If these details weren't confirmed at the point of sale, and they effect you, then you may have a policy which is no good to you, and one which you can never claim on. These loopholes are the reason why so many people like you have already claimed back £1,000's in PPI reclaims.
Get your PPI reclaim in to us today!
Personal Loan Protection
This is the single most common form of loan payment protection in the Country, and ironically also one of the most expensive to the customer (and most profitable to the lender). It's designed to insure the borrower so that in the event of injury, long-term illness, redundancy or death, the loan can still be paid back. Sounds ok in principle, but the cost of this type of plan is extremely high. Most of the high street lenders were selling it relentlessly, and charging customers a premium of 10-30% on top of their loan!
The selling style of this type of policy was comparable to the old time-share salesman you used to see walking the streets of your favourite holiday destination. They would keep on and on and on until they got a sale, always missing out important, unattractive facts about the deal so the customer wouldn't be scared off. Loan PPI is the same. If you have loan payment protection, you can be sure you are over-paying!
Another fact is that most lenders did not check with the customers to ensure that the policy was suitable. If you had pre-existing medical conditions at the time you took out the policy, they wouldn't be covered. Also, if you were aware that you were going to lose your job when you started the plan, they wouldn't pay out for that either.
If you have any form of finance, be it a credit card, car finance or even kitchen finance, check the documents NOW! You may be paying for protection you don't even know you have. If you don't have the documents, or don't like paperwork, get in touch with us and we will do all the work for you!