Have You Been Mis Sold PPI Cover?
In the last few years the financial regulating bodies in the UK have identified problems with mis sold PPI (Payment Protection Insurance) associated with loans and credit agreements from certain banks and other financial institutions.
A large number of people (more than one million may be involved) have been persuaded to take out unnecessary or inappropriate Payment Protection Insurance (PPI) when taking out personal loans. In some cases borrowers were persuaded to take out insurance which they would never be able to claim against: for example PPI policies protecting against job loss were sold to people who were not in employment. In other cases borrowers were not told that all the premiums for the insurance were being added up-front to the loan amount. Those borrowers have found themselves paying additional interest as a result. This article explains how to identify if you have been mis-sold PPI.
If you have been a victim of PPI mis-selling then you may have a valid financial claim against the responsible bank or building society. There are now many specialist PPI mis-selling claims companies. You can employ one of these companies to make a claim on your behalf, or you can make a claim independently.
If you think you may have been a victim of PPI mis-selling then you should review the following questions. If you can answer "no" to any of the questions then you be able to file a claim.
In cases where the PPI insurance was optional was this explained to you? Some PPI sellers have told borrowers that PPI insurance was compulsory, in effect saying that you wouldn't get the loan unless you took out the insurance.
Were you advised about any policy exclusions such as those for pre-existing medical conditions?
Was it explained clearly that the PPI premium would be taken up-front in a single payment, rather than spread across the lifetime of the loan?
Was it clearly explained that the single PPI premium would be added to the loan amount (principal), and that you would therefore be paying interest on this throughout the lifetime of the loan?
Was it clearly explained that the single premium PPI would only last for five years, and that if your loan was for longer than five years you would have no PPI cover for the rest of the loan period? Were you advised that you would still be paying interest on the premium after five years even though the cover had expired?
Companies specializing in making claims for PPI mis-selling advertise in newspapers and on TV. According to these adverts most of the major UK High Street banks and building societies have been involved in some way with mis-sold PPIs. If you have been mis-sold a PPI policy then you may have a valid claim for compensation against the responsible bank or building society, and that claim should still be valid for many years even if you have already paid off the loan.
If you wish to pursue a claim then you can either go it alone, or use a claims specialist company to act for you. Claims specialist companies can easily be found via advertisements in the financial pages of newspapers, or TV advertisements, or on the internet. The claims specialists will be more aware of the most effective ways to make a claim than you would be as an individual, but if you prefer to act alone then there is plenty of advice available in financial magazines and websites.
Want to find out more about making PPI claims? Then visit www.PPIRecovery.com and find out how to start your mis sold PPI claim today.