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PPI Claims - Mis Sold PPI

Mis sold Payment Protection

Have you been mis sold a payment protection insurance policy on a loan, mortgage, hire purchase agreement, store or credit card? If so, you could be owed thousands of pounds by your bank, building society or credit card company. Millions of pounds has already been recovered and you could join the thousands of people making a successful claim.

The scandal concerning mis sold payment protection insurance began in 2005 when the Citizens Advice Bureau (CAB) launched a 'super complaint' heavily criticising the cover and the way it was sold. Following the CAB investigation, The Office of Fair Trading and The Financial Services Authority launched their own investigations. Their reports highlighted widespread failings in the PPI market and demanded immediate change. It was revealed that the cover was being sold by staff who had not been correctly trained and there was frequently a wider failure to ensure policies were not being mis-sold.

There were many ways in which lenders mis-sold Payment Protection insurance policies. Some of the most common examples are listed below:

Policies were added without the customer's knowledge

Sadly, this happened all too frequently. Many people did not realise they had the cover till much later at which time it was financially disadvantage to cancel or they were offered only a nominal refund.

Customers were told they had to have the cover or it would improve their chance of being given the loan

Many people were mis sold payment protection insurance in this way. Most lenders offered staff high rates of commission to sell policies and this encouraged some sales people to employ underhand means of selling the cover. Many people, particularly those in a vulnerable financial position, were given the wrong information or led to believe they could only have the loan if they also took protection cover. PPI was never compulsory and would not affect your chances of getting a loan. If you were told this you were mis sold payment protection insurance.

Customers were sold cover even though their circumstances made them unsuitable

Payment protection insurance is not suitable for everyone. Due to the high level of exemptions many people, due to their circumstances, cannot be covered. Most policies do not cover people over the age of 65 while others will not cover pre-existing medical conditions. Unfortunately, often due to a lack of training, many staff sold policies indiscriminately. Another example is people who were unemployed, retired or in full time education. As PPI covers the borrower for loss of employment it is, obviously, of little or no benefit to someone who was not employed in the first place. If you believe you were mis sold payment protection insurance you are urged to make a claim.

Customers were sold policies without being given a full explanation as to the costs, terms or conditions

If you were not given a full explanation of the terms or costs of the policy you could not make an informed decision as to whether it was the right cover for you and you could make a claim.

Customers were pressured into taking out a policy by sales staff

Unfortunately, due to high commission and pressure from management, many salespeople used high pressure techniques to force sales. If you were mis sold payment protection insurance in this way you should make a claim.

If you are still unsure whether your policy was mis-sold call our customer care team on 0207 471 2000 or complete the form above to start your claim today.

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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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