What is Mis-sold PPI?
Mis-sold PPI is where you may have unknowingly been sold PPI, or where you may have been encouraged to purchase a PPI policy but might never have been eligible to claim.
What Are The Reasons Behind Mis-Sold PPI?
Some representatives from high street banks and building societies such as Barclays, Halifax, HSBC, Lloyds, Natwest, RBS and many more, sold this product to customers when perhaps they shouldn’t have done. For example, if customers were self-employed, retired or had pre-existing medical conditions, there was a chance they would not be entitled to take advantage of the benefits of this seemingly favourable financial product.
So many PPI policyholders have been unhappy to find out that, had they needed to, they may not have been able to make a claim on their PPI policy. This discovery could quite possibly have come at a time of challenge and unease to the person, which may literally have added insult to injury.
The extent to which PPI was mis-sold has resulted in over £28.8 billion* being paid out to those who had been in need of supportive financial services (such as loans, credit cards and more). We have obtained over £100 million in PPI refunds for our clients.**
How Do I Know If I Was Mis-sold PPI?
The mis-selling of this product could have happened in many different situations. It could have been when you were in need of a new car and sought out a loan. Or perhaps there was a credit card you invested in, or you took out a mortgage to move into your dream home. In some instances PPI was added to loan repayments without the customer even knowing.
Here are our five top ways of knowing if you may have been mis-sold PPI:
1. You were told your application to take out a loan may be looked upon more favourably if you had PPI.
2. You were not told that PPI was optional.
3. You weren’t fully aware of all the exclusions under your PPI policy.
4. You weren’t aware you may be paying interest on your PPI policy.
5. You weren’t fully aware of length of your PPI policy.
Do any of these apply to you? If so, we recommend you enquire with us now to see if you might have grounds for claiming back mis-sold PPI.
* 24.5 billion has been paid out in PPI compensation. FCA statistics as at 9th August 2016 for total PPI compensation paid out by all financial institutions across the industry.
** Amount calculated prior to deduction of applicable taxes and fees.
† Your PPI check will be undertaken for free. You may then choose to instruct us to investigate and if applicable, claim back your mis-sold PPI or you can do so yourself. If you instruct us, this will be subject to our fees and our standard Claim Terms and Conditions, which are available here.