Was I mis sold PPI?

A PPI policy can be taken out to protect the monthly repayments of a loan if you are unable to work.  PPI policies are usually taken out alongside mortgages, credit cards, store cards and when obtaining credit on high value items such as vehicles and furniture, to protect the repayments of the finance.

With a PPI policy, an agreed sum of money is paid out each month to fully cover (or with some policies cover a percentage of) the payment due on your finance.
A PPI policy will cover you, if you:

• become unemployed, through no fault of your own
• are involved in an accident
• suffer an illness

Typically a PPI policy will cover your monthly finance repayments for 12- 24 months. After the period that is defined in your particular policy is over, you will have to cover the monthly payments yourself.

Not all PPI policies are the same; each individual policy will have different levels of coverage and different exclusions. However the majority of PPI policies will not cover you if you were self-employed, unemployed or retired at the time of taking out the policy. You will also not be covered under the terms of most policies, if you already had a medical condition or illness that could prevent you from working, prior to taking out the Payment Protection Insurance cover.

Payment Protection Insurance is also sometimes known as Loan Protection Insurance or Accident, Sickness and Unemployment (ASU) cover.
The problem with PPI is the fact it has been vastly mis-sold. PPI mis-selling has been so rife the last few years that the word mis-sold is now synonymous with PPI.
Without proper explanation, PPI may sound like an ideal product, a product worth having and a product that will ensure you are covered in times of financial strain, however the problem with PPI is very few people are able to claim on the insurance due to it being unsuitable for their needs. Customers were sold PPI despite never actually being able to make a claim, they could have been retired, self-employed, unemployed or could have had an illness or injury that could have stopped them working, either way, they were mis-sold PPI.
If you believe you have been mis-sold PPI, we can help you to think smarter, simply apply online or call us on 08000 439 243 and we will start the process to reclaim your Payment Protection Insurance.

Was I mis-sold PPI?

To determine if PPI was mis-sold to you, take a look at the following statements below. If any of the statements apply to you, there is a very good chance PPI was mis-sold to you.

• Were you not sure what PPI was and didn't ask for it, but it was added to your finance anyway?
• The salesperson implied PPI was compulsory or that by taking out the cover, you would have a better chance of obtaining finance?
• You weren't made aware that PPI was an optional insurance or that you could purchase the cover from outlets other than the lender?
• You were unemployed, retired or self-employed when you took out the cover?
• You had an illness or injury that you know could have kept you from working in the future and you informed the salesperson of this yet they still sold you PPI?
• You were older than 70 years old when you took out the cover (70 years old is usually the upper age limit for customers to be able to take out PPI cover, in some cases the upper age limit is as low as 65 years old)?
• The policy exclusions were not pointed out to you for example, the terms for cancelling the cover or significant exclusions such as stress and back problems?
• PPI was forcibly sold to you, to the point where you felt you couldn't say no to the cover?

Was I a victim of PPI mis-selling?

If you believe PPI was mis-sold to you, then you are a victim of PPI mis-selling. A victim of PPI mis-selling is essentially someone who has been sold the insurance when they didn't need it. Like a roofer replacing your whole roof when one tile just needed replacing, PPI has been sold to those who didn't need it.
We know PPI has been mis-sold, you know PPI has been mis-sold and the banks know they have mis-sold PPI, though they are reluctant to admit it. PPI mis-selling was rife, everyone was at it, it was too much of a money maker for lenders not to be at it. Many major lenders were guilty of selling to customers who didn't need the insurance, selling to customers for whom the insurance was unsuitable and using unscrupulous methods to sell to customers who were simply unaware they were taking out an insurance policy, let alone know the ins and outs of the policy.  PPI mis-selling was not just a practice adopted by smaller back street lenders you have never heard of, no it was a full-blown cash cow, a  money spinner for the biggest banks and lenders. Just a few of the lenders that have been fined millions of pounds by the Financial Services Authority (FSA) for PPI mis-selling are Lloyds TSB, Egg, Capital One, HSBC and Alliance + Leicester, all big names and all names that had to hold their hands up and admit they had mis-sold PPI.
There are many victims of PPI mis-selling, victims who have been paying for an insurance they didn't need, an insurance that they could never make a claim on. For many, PPI was a void insurance, an insurance policy that by paying for they were just throwing their money away. Anyone who has ever paid for PPI when they didn't need it or could have never used it, is a PPI victim and it is the fault of the banks and lenders who were just out to make money.
You could be a victim of mis-sold PPI, if you believe you are, we want you to contact us, apply online or pick up the phone and call us on 08000 439 243 We can get you a refund of your PPI repayments, you are entitled to your money back, the banks and other lenders have made you a victim.