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Archive for tag: PPI and You

PPI and You

Yes, YOU! You really may have a claim for compensation after being mis-sold PPI. Have you really checked all your paperwork for signs of payment protection insurance? If you are one of the many thousands of customers adamant you do not have PPI, you MUST read on…

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There are many reasons why PPI was mis-sold to people from ' your application will be viewed more favourably if you buy this insurance' to ' it really is the best product for you…'.

But there are still people who think the whole PPI mis-selling saga does not affect them and with the PPI deadline 2019 looming fast, they could be in danger of leaving thousands of pounds of their money slip through their fingers.

"I wouldn't get caught out!"

This is a common misconception and is certainlynota reflection of you.

Some people are of the opinion that we, as customers, have a responsibility to check things out and do our research beforehand.

For example, knowing that you do not have to buy another product alongside the main product is one consumer fact - people are aware of this now, thanks to the PPI mis-selling scandal.

But, when you are desperate for the mortgage to buy your first home or applying for a loan to fix the boiler and invest in a new roof, you would have done anything to secure the cash. And the banks knew this, taking advantage of the whole situation to sell you something you possibly didn't need or really want.

"I know I don't have it"

Again, we've heard this many times but then customers checked again and spotted something suspicious lurking amongst the finer print.

Mentions of insurance, a policy or product that said it would make repayments in the event that they couldn't is PPI!

PPI is a generic name - in other words, an insurance policy of this kind could be called anything from 'loan care' to 'card care' and a whole list of other names.

"PPI - nope, no one mentioned that"

Yes, this may be true. PPI was added, in many cases, to accounts and loans after the main product had been successfully sold to you.

In other words, a few months later you may have received a marketing letter, or a phone call in some cases, telling you about a great new product. You were told it would make repayments on your behalf and, that this great policy was being added to your account.

It gave no option to opt out or that it was even an optional thing. Because, the bank said, it had your best interests at heart this was the right policy for you.

"I applied online…"

I did it online so no one sold me anything

Right at the bottom of the pages and pages of small print was a tiny box, already ticked and this means you were automatically enrolled in the PPI policy. This practice has stopped now as the regulatory authorities think this is wrong.

Still think you don't have a claim PPI compensation?