Mis Sold PPI
Have You Been Mis Sold Your PPI? If So Why Not Order Our PPI Info Pack to Make Your Own Claim Today and Get Back All Your Money
The PPI (Personal Protection Insurance) market is reported to be worth an estimated £5bn, with more than 20 million policies in force, but banks have been criticised for mis selling expensive policies that customers find hard to claim on. Our step-by-step guide includes free template letters for reclaiming loan and card insurance premiums
An FSA study reveals that, of the 30 firms it investigated selling PPIs with revolving credits (i.e. Credit and store cards and catalogues), unsecured loans and sub-prime mortgages and secured loans:
- Around half of these firms did not take reasonable steps to ensure customers did not buy policies which they could not claim on, or offered only very limited cover;
- Advice on PPI was likely to be poor, with most firms not having systems in place to adequately assess suitability;
- There was an over-reliance on product documentation at the expense of explaining the policy to the customer orally, with most firms selling by telephone and not giving enough information about exclusions;
- The quality and timeliness of product and price disclosure by some firms selling single premium policies was poor;
- The level and structure of incentives and targets for sales staff might encourage misselling in some firms;
- Training and competence of sales staff was not adequate in around half of these firms;
Have you taken out any of the following?
- Car Credit
- Personal Loans
- Credit Cards
- Finance with any purchase
You may have a case for complaint and be entitled to compensation if:
- The representative did not explain that the payment protection insurance was optional.
- The representative led you to believe that you were more likely to be accepted for the credit if you took the PPI.
- The representative did not enquire as to whether you had any existing cover.
- The representative did not explain how a single-premium policy works.
- The representative was very pushy regarding the PPI and you felt pressured into taking it.
- The representative did not fully explain the small print in the terms & conditions.
- The representative did not make clear all the fees and charges relating to the PPI.