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Archive for tag: Were you tricked in to buying PPI

Were you tricked in to buying PPI?

Many people were tricked into buying payment protection insurance (PPI) at the same time they bought or applied for a loan, credit card, store card, catalogue and, in some cases, their mortgage too.

However, deciding if you have a claim or not can be difficult and so, we have put together some quick fire questions to help you decide if the best way forward is to claim compensation for mis-sold PPI or not.

How to use our quick-fire questions…

Simply read down the list! The answers in bold after the question is the one which applied if you WERE sold PPI properly; in other words, if you answer is opposite to any of ours in bold, then you need to contact us as you MAY have a claim. To help you further, we have underlined the key words. Think carefully, as this could mean you claiming back thousands of pounds of your money…

  • When you bought PPI, was it made clear it was optional?YES
  • Were you fully aware you were buying PPI?YES
  • Were you told or made to feel that your application would be rejected if you did not buy PPI?NO
  • Did you feel pressured in to buying PPI?NO
  • Did you already have cover through work schemes, your partner or another policy when you bought PPI?NO
  • Were you made aware of all the exclusion under the policy, and how these could affect you, e.g. medical exclusion, restrictions relating to self-employment, retirement or unemployment?YES
  • Were all these exclusions, terms and conditions explained with patience, and in detail?YES
  • Were you made to buy a single-premium PPI policy which meant you paid a lump sum for cover and that was added to the amount you borrowed?NO
  • Were the PPI interest rates explained to you, and the impact they would have on your loan?YES
  • Was it made clear to you how long the term of the PPI policy was and, what would happen if you paid off your loan quicker than expected?YES

If any of your responses do NOT match ours, then you could have an eligible claim for PPI compensation.

An emotional issue

In some circumstances, some customers feel that they were uncomfortable with how the policy was sold to them, a bona fide reason for claiming compensation too. In fact, since the PPI debacle came to prominence, it has been acknowledged that the way in which some products are sold place the customer in an awkward and unnecessary emotional position.

If you feel you have a claim, there is no obligation when you call Payment Protection Scotland… so call us, to find out more about your claim.