PPI Misselling Claims

PPI or payment protection insurance is an insurance product that has been designed to cover your payments on a mortgage, credit card or loan if you suffer an accident, sickness or are made redundant or unemployed. In itself, PPI is not a bad product but banks and financial institutions have been known to missell PPI to consumers. In fact, it is estimated that there are around 20 million policies in existence in the UK – that's a huge number!

Call now on 0800 177 7293 or Claim Online!

Although regulations concerning the selling of PPI have been improved and become stricter, you may have been missold PPI without even realising it. As journalist and consumer warrior Martin Lewis points out, many bank employees have been forced to sell these policies to meet targets and to keep their level of pay. As a consumer, you may not even have noticed a PPI policy being added on to your loan, you might just have been quoted for a "fully protected" loan or product and not realised that you were paying extra to have a PPI policy added on. Many people do not realise that they have agreed to this extra policy and that if they shopped around they could have got it much cheaper. In many circumstances the PPI policy is actually not suitable and completely worthless.

It is thought that over 2 million people in the UK alone have been missold PPI policies since 2003. This is terrible when you consider that some of these policies have quite high monthly payments and may not even be suitable for the policy holder. PPI policies should not be automatically added on to loans, mortgages and credit cards, but explained properly to consumers so that the individual consumer can decide whether it is appropriate for them. Many customers in the UK have had PPI added on without their knowledge or consent, or been advised that it is an essential part of their loan, mortgage or credit card agreement.

It sounds dishonest doesn't it? And it is if you are not aware of the fact that you are paying extra for something that you did not actually want in the first place. The huge cost of the monthly payments needed to keep a PPI policy valid can actually outweigh the benefits of having the policy in the first place and a consumer may be better off with another type of policy or savings vehicle. For example, a standard PPI policy may not cover you if you:-

-- Are self-employed
-- Are retired
-- Give up work because of a pre-existing medical condition
-- Give up work because of stress
-- Give up work due to back problems

In fact, only one in five of PPI claims is even successful meaning that four fifths of policy holders are not even covered by the costly PPI payments that they make each month. Awful isn't it?

The PPI industry has been under fire recently from the financial regulator for "not treating customers fairly" and many companies have been fined for the way that they have missold policies. This is great news if you feel that you were misled into taking out a PPI policy because it means that you may be able to make a claim to get your money back.

Can I Make A Claim For PPI Misselling?

Current legislation means that you can claim if you were missold PPI after January 2005 BUT you may also be able to complain to the Financial Ombudsman Service about policies sold before this date.

You've obviously got a better case against a financial institution if you can prove that the PPI was not relevant to you and that it did not cover you. For example, if:-

-- You were unemployed, self-employed or retired
-- You had a serious medical problem that affected your ability to work but were not asked about your medical state or history
-- You were sold a single premium PPI policy and then cancelled or repaid the loan early.
-- The PPI policy or entire cost was not fully explained to you.
-- You were only given a quote for the loan/mortgage including the PPI and not given separate quotes.
-- You were advised that the PPI was compulsory
-- You were older than the policy age limit
-- Exclusions of the policy were not adequately explained to you
-- You already were covered by an existing policy but were not asked about cover already in place

It is imperative that you seek legal advice as soon as you notice that you have been missold PPI so that we can get your claim underway and get your payments refunded. Contact us today using the form at the top of this page if you have been misled or missold and we should be able to help you on a no win no fee basis. Don't let the banks win!

Claims and Compensation News

 

Tanker driver seeks personal injury compensation after Buncefield explosion

September 1st, 2010

 

Barry George to get compensation review

August 28th, 2010

 

Minneapolis to pay $165,000 to zombies

August 27th, 2010

 

Mother of suicide victim seeks compensation

August 25th, 2010

 

Compensation claim against debt collectors is delayed again

August 23rd, 2010

View All News Headlines

 

*Disclaimer: Although this site is updated as often as possible the information provided may not accurately reflect the current laws, procedures and/or facilities available to you. To ensure that you get the most up to date information make sure you consult an actual injury solicitor before pursuing any action. The articles on this site are for informational purposes only and are not intended to advise any particular action or inaction. Please read our terms of use for more information.

Claims4Free is regulated by the Ministry of Justice - Registration Number CRM19143.