Since 2005 1.5 million complaints have been made regarding Payment Protection Insurance policies. Although this figure seems shockingly high it is only actually a very small percentage of the total number of PPI policies in the UK. It is estimated that there are currently more than 20 million active policies and it is feared as much as 90% of all these may have been mis-sold. Keep reading to find out whether your PPI policy was mis-sold and whether you can make a money claim against your bank, building society or credit card company.
In 2006 The Office of Fair Trading and The Financial Services Authority investigated the sale of PPI and found numerous problems. Many lenders were allowing policies to be sold by staff who were inadequately trained while others were failing to put in place measures to protect customers from being sold unsuitable policies. As a result of these investigations many lenders were fined and now dissatisfied customers can make a money claim for mis-selling.
Some other ways PPI was mis-sold include:
- Policies added without the client's knowledge.
Because sales representatives were offered large rates of commission to sell PPI policies many used high-pressure techniques and unfair practices to secure sales.
- Customers wrongly advised they had to have the cover or it would improve their chance of getting the loan.
Again, because of the lure of high rates of commission and pressure put on sales staff to sell PPI many policies were sold in an underhanded way. If you believe you were told the wrong thing or given the wrong information when you purchased your PPI policy you could make a money claim.
- Customers sold PPI policies even though their circumstances made them unsuitable.
PPI cover is not suitable for everyone, but many lenders sold it indiscriminately with little thought to whether or not the policy was right for the customer. This included policies being sold to customers who were in full time education, retired or unemployed. If a person does not have a job they clearly have no need for cover that protects them from loss of employment! Policies were also frequently sold to customers with pre-existing medical conditions even though most policies do not cover them. If you believe you were mis-sold a policy in this way, you can make a money claim.
- Customers sold single-premium policies that would not cover the whole length of their loan.
Single-premium Payment Protection Insurance policies are controversial and have recently been banned. The cover typically lasts for only a set period of times, usually five years, and is added as a lump sum at the start of the loan. The problem with this type of cover is that many people were not advised that it would not cover the full length of their loan and many people, whose loans were longer than five years, were left unaware they had no protection in place. If you were sold a PPI policy in this way you are urged to start your money claim today.
If you have been mis-sold a payment protection insurance policy and you would like to make a claim, complete the 'quick claim' form that the top of the page. Our team will send you out a pack to complete and return - don't worry, we only need a few basic details! Once your pack is returned we will start your claim within 24 hours and we could resolve your claim in as little as eight weeks. If you would like to find out more about claiming back mis-sold PPI call our customer care team on 0207 471 2000.
blog comments powered by