Payment Protection Insurance (PPI) has in many cases been mis-sold to the consumer. What was specifically designed to assure the minds of consumers, who had loans or outstanding financial obligations, has now been revealed to have been unfairly sold.
Due to the amount of media coverage PPI mis-selling has received, pursuing a claim is no longer an issue as the law strongly supports the cases of claimants.
However, if you do wish to make a PPI claim, there is a set procedure involved.
Throughout the past several years, banks and lenders have been researched and investigated in relation to the scandal. This research bought about the revelation that PPI has been nationally mis-sold, meaning millions of people are entitled to claim.
So, if you believe you have been a victim of PPI, it is recommended you make your claim as soon as possible. It is important you can verify that you have been mis-sold PPI to get the maximum result when claiming your refund.
It is therefore worth remembering that PPI is generally not available for borrowers who are retired, self-employed or jobless. Anyone who met one of these exclusions but was still given PPI was therefore mis-sold it.
PPI is known as a repayment protector, due its intention to insure the policyholder’s monthly repayment debts in case of disability, redundancy or illness. Whilst the product itself is not inherently negative, the way in which it was mis-sold has left it with a bad reputation.
PPI mis-selling claims continue to increase year after year, with more people realising they were mis-sold the product. If you were never notified that the insurance was added to your financial product or if you were given false information, like the insurance was compulsory, then you will have a strong case for a claim.
Why was PPI mis-sold?
The reason banks often added PPI was because lenders were under commission for every policy they sold. This incentive often resulted in the salesperson informing customers that PPI was needed for the loan to be authorised – something which was not true.
If customers were not in a particularly strong position when requesting the loan, the lender may also have suggested there was more chance of them being approved if they took PPI as well – another false claim.
If these different reasons seem to relate to you or remind you of a previous loan application then you have valid reasons to gain a refund from the lender.
For future reference, it is essential that you make sure you are fully away of all content within your policy and research what is being offered thoroughly. That being said, these claims are in no way your fault and it is the banks and lenders who are held fully accountable.
If you want to make sure your case is professionally managed, you should consider seeking advice and guidance from an expert in PPI claims. By having assistance from a professional you can prevent distress and ensure the maximum refund is obtained. PPI Claimline claims can offer you this service, ensuring your claim process is as smooth as possible.