Reclaim mis sold PPI with iSmart
PPI or Payment Protection Insurance is an insurance policy taken out alongside various forms of finance, Payment Protection Insurance (PPI) is designed to cover your monthly finance repayments when you cannot pay them.
What Is PPI?
If you have a PPI policy, it is most likely to have been taken out at the same time as obtaining finance, though you may not have even been aware you were taking a policy out. Types of finance that PPI is taken out alongside include mortgages, personal loans, credit cards, store cards and finance for high value items such as furniture or cars.
PPI was designed as an insurance product that would cover your monthly finance repayments (or with some policies, a percentage of them) if you are unable to work. PPI is designed to cover those who have been made redundant or have become unemployed through no fault of their own and those who have either suffered an accident or developed an illness that prevents them from working.
Mis-Sold PPI
As an insurance product Payment Protection Insurance (PPI) may seem like a good idea. it is designed to cover your monthly finance repayments if your are unable to pay them, should you be unable to work. However over the last ten years, loan and credit card providers have routinely mis-sold PPI to customers whom a insurance policy is inappropriate. The problem with PPI is that it is not suitable cover for everybody. If you are unemployed, retired, self-employed or have an illness that could stop you from working in the future, PPI will not cover you, however this didn't stop cases of mis-sold PPI taking place. Many well known lenders including Alliance & Leicester, Egg, Capital One, HSBC and Lloyds have all been fined millions of pounds for routinely selling the insurance to customers for whom it was not suitable.
Making PPI Claims
The Financial Services Authority (FSA) estimates that there are millions of customers across the UK who have been mis-sold PPI over the last ten years with all of these eligible to make mis-sold PPI claims. There are a number of reasons why PPI could have been mis-sold, it could have even been added to your finance without your knowledge. The most common reasons however are if you had a medical problem or illness at the time of taking out the cover that could have kept you from working, if you were unemployed, retired or self-employed when you took out the cover or if you already had alternative cover such as an employee benefit package covering sickness and redundancy or income protection. If any of those apply to you or you believe you were mis-sold PPI, we can help you with your mis-sold PPI claims