Payment Protection Insurance
Payment Protection Insurance (PPI) policies were designed to cover the cost of loan repayment in the event that the customer is off sick from work or has become unemployed.
They were mainly taken out with loans, mortgages and credit cards.
The main problems with PPI are that most people that have been sold the policy did'nt really need it and in many cases the policies were sold to people who could never qualify for a claim anyway e.g retired,self-employed ,unemployed etc. Also bad backs and stress "the main reasons for being off work" are always excluded from these policies.
Major banks such as Capital One and Loans.co.uk have already been fined for mis-selling.
It is estimated that over £10 billion of policies have been sold and as many as 30 million policy holders may have a claim for compensation.
In 90% of cases the the cost of the PPi was added to the loan so customers are also paying interest on it.
Some common examples of PPI Mis-selling
The salesperson:
- did'nt make it clear the policy was optional
- implied or insisted that you needed to buy the ppi to qualify for the loan.
- was very pushy when selling the product so that you felt you could not say no.
- would not let you continue the loan application if you did not sign the insurance agreement.
- did not explain that you could buy insurance cover much cheaper and that you could buy it elsewhere.
- were unaware that you were being sold the insurance.
In the vast majority of cases, people who bought the cover are more than likely to have been mis-sold it. If you are unsure whether you have a valid claim please contact us on 01614762213 or by email at info@bankchargerefunds.co.uk. If you feel you were a victim of Mis-selling and wish to make a complaint please enter your details where it is headed "Start your Claim Here" and you can either download the documents or we can post them out to you.
We work on a No Win No Fee basis, we will only apply our fee of 25% inclusive of VAT at the conclusion of a succesful claim.
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