PPI Mis Selling

It may come as a surprise to you to know that there’s a good chance you have a PPI policy and that you’re a victim of PPI mis selling. Payment protection insurance (PPI) is everywhere and, thanks to recent investigations into how the product has been sold by the major players in the industry, it is also remarkably controversial. The group of insurance policies that are covered by the payment protection insurance banner can be very varied and are designed to apply in a number of different circumstances, and this is just one of the problems that have led to the controversy surrounding the subject.

A little about the PPI claims and mis selling controversy and what it all amounts to, may help you better understand: a number of years ago there came about many complaints from consumers regarding the manner in which these insurance policies had been sold. PPI, in its most common form, is a type of insurance that is designed to ensure the policy holder has the ability to pay the outstanding payments on a loan or mortgage – or credit card or hire purchase scheme – should he or she find they are out of work and no longer earning thanks to a set of agreed circumstances.

These circumstances can be very specific indeed: while some policies will cover in the event of unemployment thanks to involuntary redundancy only, others will specify payments in a case of loss of work by accident or thanks to illness. Furthermore, some will cover both, but these tend to be more expensive. The details of the policy – in particular the length of time that payments will continue for – are also variable, with anywhere between a year and two years being the norm. To get your PPI mis selling claim started, give our team a call now on 0800 840 7292 or if you prefer, fill out the quick and easy form and we’ll get back to you with a compensation quote.

The aforementioned complaints were investigated by the relevant authorities, and the following was discovered: some providers of payment protection insurance policies had been guilty of PPI mis selling by implying to borrowers that they needed to buy the insurance policy supplied by the lender in order to secure the loan. Others had simply incorporated the insurance costs into the monthly loan repayments without telling the customer, and others had even sold policies to consumers who were not applicable to the terms and conditions.

This led to a series of fines being imposed on the providers, and a major rewrite of the regulations regarding the selling of PPI. In the event that you take out a loan now the lender cannot sell you an  insurance policy at the point of sale, and there is a mandatory seven day period than must pass before such can be done. This curtails any PPI mis selling and enables the borrower to shop around the many independent – and generally cheaper – insurance providers for the very best PPI policy that they can find, rather than being held to an expensive policy that is supplied by the lender concerned. This system is better for the consumer, and helps the situation all-round. If you’re ready to get your unfair PPI payments back, call our specialist team on 0800 840 7292 or fill out the quick and easy form to get your claim started.