Mis Selling Payment Protection Insurance
Payment protection is meant to provide cover when someone is out of work due to loss of
involuntary employment or illness or accident. The issue with this cover,
though, is that it has been frequently mis-sold and many people have found
themselves with a policy they either do not want or cannot use. Mis selling
payment protection insurance has become a huge issue in recent years largely
because the problem has occured on such a large scale. Thousands of people have
been affected and many of these have already registered a complaint and received
compensation. It is thought there may be many more people who are entitled to
make a claim, though, but are unaware they have the right.
Exclusions for Pre-Existing Conditions
A good example of mis selling payment protection is when a consumer goes in to take out a loan and proceeds to tell the loan officer that he or she has had an ongoing problem with arthritis which results in sick days periodically. The loan officer and then goes on to tell the potential buyer about this great cover called payment protection insurance that will kick in and make payments if you are out of work due to illness.
Unfortunately, the vast majority of PPI policies do not cover pre-existing
conditions and this is a clear case of mis selling payment protection insurance.
Misrepresentations and Mis Sold PPI
Other situations that may make you ineligible to use PPI include if you are
self-employed or aged sixty-five or over. Your policy may also be considered to
be mis-sold if the cover was misrepresented to you, if you were given misleading
information or the information you were given was incomplete. In all cases this
may entitled you to make a claim for mis-selling.
Disclosure Responsibilities of the PPI Salesperson
Mis selling payment protection insurance has resulted in a great number of payment protection claims.
After years of payment protection being seen as a golden cashcow it has now
fallen distinctly out of favour with lenders and many have made the decision to
no longer sell it.
If you would like to find out more about mis selling payment protection insurance
or you would like help with your claim, contact our customer care team on 0207
blog comments powered by