An Advertising Feature
The issue of payment protection insurance can mean different things to different people. To some people it is a valuable and reassuring personal finance product that offers security and peace of mind; to others it is nothing more than an example of where they were ripped off by banks through mis-selling. Find out how to claim back ppi.
The key thing to realise about PPI is whether it can be of benefit to you, really does depend on your individual circumstances. If you are in employment and have just applied for a sizeable loan, PPI can be a sensible way to protect yourself against changes in your situation such as ill health or unemployment, which would naturally affect your ability to earn. However, if you are self-employed or in full time education, PPI is essentially irrelevant for you as you do not have to worry about covering yourself for loss of earnings.
ue to the increasing amount of cases where PPI has been mis-sold, it is clear that key differences in circumstances such as these were not being considered fully by some banking sales staff. Whether they were motivated by personal commission and high sales targets or the mis-selling was the result of a lack of training and understanding of the product it is difficult to say.
Millions of people in the UK may have been mis sold loan insurance and are now potentially eligible to make a claim. Under regulations set out in the Banking Code your lender has a duty to provide you with the best cover for your circumstances and they cannot force you into purchasing any compulsory insurance. Unfortunately, this happened to some customers when it comes to purchasing PPI.
In some cases PPI has been added to a credit application without a customer’s knowledge, without being fully explained or as a compulsory part of any financial agreement.
Many self-employed workers, students and retired people have PPI, but thanks to numerous policy exclusions they are unlikely to make a successful claim on their insurance at all. So for these groups a payment protection insurance policy really could be a complete waste of money.
How Did the Banks Mislead Customers into Taking Out Payment Protection Insurance?
Sometimes sales staff didn’t tell customers they were taking out payment protection alongside their credit application, or they added it by saying it was a compulsory part of the application, or it would increase the chances of their loan being successful. This is wrong. Payment protection insurance is never compulsory: if you were told that it was and you then took it out as a result of this advice, then you can be relatively confident that you will be able to make a successful compensation claim.
Sometimes sales staff would embed the fact that the consumer was paying for insurance by putting it in the small print and not explaining what it was – so unknowing consumers who were just desperate to be accepted for a loan or a credit card did not question the authority of the provider.
PPI is an option product however, and now the banks and personal loan providers are paying for their mistakes. It is important to check your loan or credit card statements to see if there is the possibility you have been paying for PPI without your knowledge so you could investigate ppi claims in more detail.
Was I Mis-sold PPI?
There a multitude of reasons why you may have grounds to believe you were mis-sold a PPI policy.
For example, did you perhaps have a pre existing medical condition when you were sold the policy? Or did the lender simply fail to explain the full terms and conditions (including cost) to you when you took out the initial policy? Reasons such as this may give you cause to apply for payment protection claims and means that a call to the PPI Claim Company could prove very useful.
PPI claims companies, such as The PPI Claim Company can offer a fast, quick and knowledgeable resource for anyone looking to make a PPI compensation claim. They offer a no win, no fee service and their goal is to make the process of claiming back Payment Protection Insurance compensation as straightforward as possible.
A large number of people have been waiting for a long time while the banks tried to use the courts to prevent customers getting their complaints heard. It is now time for anyone who has ever mis-sold payment protection insurance to pursue and look into their claim for compensation. Don’t delay, get your compensation claim started today.