Mis Sold Ppi Victim Numbers On The Rise

Financial regulation authorities in the UK have in recent times identified numerous

breaches of the regulations concerning the selling of Payment Protection Insurance (PPI) policies with loans and other finance agreements. Certain banks and building societies have been found to have mis sold PPI policies to their customers.

A large number of people (more than one million may be involved) have been persuaded to take out unnecessary or inappropriate Payment Protection Insurance (PPI) when taking out personal loans. In some cases borrowers were persuaded to take out insurance which they would never be able to claim against: for example PPI policies protecting against job loss were sold to people who were not in employment. In other cases borrowers were not told that all the premiums for the insurance were being added up-front to the loan amount. Those borrowers have found themselves paying additional interest as a result. This article explains how to identify if you have been mis-sold PPI.

PPI mis-selling victims may be able to claim compensation. Many claims companies now operate in this field, but if you don't want one of these companies to act for you, then you can make a claim on your own.

You can check if you have a valid claim by reviewing the following questions. If the answer to any question is "no" then you may have a valid claim.

If the PPI insurance was optional, then was that clearly explained to you? It seems that many borrowers were told that their loan application would not be accepted unless they took out the insurance. This was an unfair practice as the insurance was optional and the bank/building society should not have said that.

Were you advised in clear terms about any exclusions from the cover provided by the insurance, such as exclusion of pre-existing medical conditions?

If the premium (payment) for the insurance was taken as a single up-front fee, then was that properly explained to you?

If you did make a single up-front PPI payment then were you advised that this would be added to the principal of the loan, and you would have to pay interest on it?

If you took out a loan or finance agreement for longer than five years were you advised that your single premium PPI insurance would expire after five years? In effect you would be left without protection for the rest of the life time of the loan, but you would still be paying interest on your PPI premium after the insurance had expired.

PPI claims specialists advertise widely in newspapers, and they list a number of major banks and building societies which have been shown to have broken the regulations with regards to PPI mis-selling. You may have a valid claim if you have been a victim of PPI mis-selling and you claim will remain valid for several years even after you have finished paying off your loan.

You can employ a PPI specialist firm to help you make the claim, or you can make the claim on your own. PPI specialist firms will have experience of the procedures to follow, and they will have advisers to help you with any paperwork. Numerous firms of this type can be found advertising in the finance sections of the papers, and on TV, or they can be contacted online. If you prefer to make your own claim that is perfectly possible too. You can find out details of how to make your own claim in financial magazines, or in any financial website based in the UK.

by: Tara Hope-Smith

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