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5 Reasons Why PPI Could Have Been Mis-Sold to You

It is now an infamous saga, one that has forced changes in the British banking industry. Since January 2011, consumers have had the chance to claim back their money after being mis-sold payment protection insurance (PPI).

Checklist

With the PPI August 2019 deadline signalling the end of the PPI mis-selling saga, you may be thinking of claiming back your money.

If this is the case, you will need to tell the bank why you think the insurance policy was mis-sold to you in the first place.

With up to 70% of customers being sold a policy they didn't need, you could on the brink of claiming back a substantial PPI windfall.

#1 You were unaware you bought PPI or did not agree to buy PPI

We find that many of our customers were unaware that they had a PPI policy. Many customers also had NOT agreed to the policy, mainly as it added significant cost to the loan or because they did not need it. On examining their paperwork, however, they found that a PPI policy had been added to their loan! If the reason for mis-selling detailed in your letter of complaint to your lender is you were either unaware or did not agree, then the onus falls on the lender to provide proof of your agreement.

#2 They bought a 'fully protected' loan

Some customers purchased a 'fully protected' loan, only to find that this included a form of PPI. Whilst this may not be an issue in some cases, the terms and conditions of the PPI were not fully explained meaning that the possibility of youNOTbeing covered by the PPI policy is high.

#3 You were given the impression or told buying PPI was compulsory

Other customers were told that the PPI policy was compulsory. The terms and conditions of the loan may state that some form of payment protection insurance is compulsory - this in itself is not the problem but you may have been given the impression that the only product that was suitable was their own PPI policy. If this happened to you, you may have a compensation claim.

#4 Parts or all of the application form was pre-filled with details

Many lenders and banks pre-filled application for their customers and whilst this may seem helpful, look professional, neat and tidy, the likelihood is that many of the 'tick boxes' of optional items such as PPI, were already ticked. In other words, unless you noticed this or it was drawn to your attention, you would not have opted out. This is not fair selling.

#5 Online or over-the-phone applications

Although the lender could say everything was in the terms and conditions, the long reams of small print are not something that is comfortable to read. In other words, the bank needed to draw things to your attention and that may not have happened.

We can help you claim your money back and we can start working on your case today - call us now!

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