5 Top PPI Mis-selling Reasons
With the announcement of a PPI deadline of August 2019, people are once again looking to their credit cards, loans etc. to see if they have been mis-sold this now infamous insurance policy.
If you find it, it was probably mis-sold to you and here are the five top mis-selling reasons.
Unaware or did not agree
We find that many of our customers were simply unaware that they had the PPI policy in the first place. And this places thousands of customers in anger of not making a PPI claim before the August 2019 deadline.
Even if you don’t think you have PPI, you MUST check because you never know…
‘Fully protected’ loan
We have found cases where customers purchased a ‘fully protected’ loan – in other words, the customer was ‘protected’ by PPI. The terms and conditions of the PPI were not fully explained and neither were the customers in some cases covered by the policy.
Were you told or given the impression you had to buy PPI?
The terms and conditions of the loan may state that some form of insurance is compulsory – this in itself is not the problem – but what is was when customers were told that the lender’s ‘own brand’ PPI was compulsory.
This is incorrect. As with all insurance policies, you are free to shop around and get the best deal. If this happened to you, you may have a compensation claim.
Pre-filled application forms
Many lenders and banks pre-filled applications for their customers. Whilst this may seem helpful, look professional, be neat and tidy, the likelihood is that many of the ‘tick boxes’ of optional items such as PPI were already ticked. This left little choice for you to opt in or out. If you re-call this happening to you, again you may find that you have a PPI compensation claim.
Online or over-the-phone applications
Again, this seems to be a problem in which many customers were duped into taking out PPI on their loan etc. Some items were left to the customer to read in the small print terms and conditions, even though the representative knew from customer information the customer would not be covered.
If you knew you weren’t covered or that the majority of the cost of arranging the policy was being paid out in commission, would you have still bought it?
We offer our services on a no win, no fee basis. Why not call our team today to find out if you have a claim for PPI compensation?