Some Common Examples Of PPI Mis-Selling

Some Common Examples Of PPI Mis-Selling

Some Common Examples Of PPI Mis-Selling

Did you need PPI on your mortgage or were you mis-sold the PPI? Mis-selling covers anything from being told the PPI or mortgage protection insurance was compulsory to not knowing you had even purchased PPI.It also applies if the policy isn't what you agreed to, you got store card cover in a shop and it wasn't explained or you didn't realise it's a joint policy but only in one person's name.Lenders selling PPI polices are obliged to tell you about the specific criteria of the policy and to confirm it's the right product for you. However, because PPI polices earn providers a high proportion of profit, staff are often highly encouraged to sell as many as possible, and are well remunerated for doing so, meaning mis-selling is rife.When you contact a lender by phone or in person about your mortgage payment protection insurance claim if they don't give you fair, correct and reasonable information it's likely you were mis-sold. Due to the volume of complaints, the regulators are quick to act on this issue.Some common examples of PPI mis-selling:-Were you told insurance was compulsory? It's a common complaint that consumers are told they must buy a mortgage protection insurance policy from the same provider as the loan or credit card to be accepted for the product. Any company that subscribes to the banking code agrees it will not insist that you buy an insurance product from them, so although it can request that you have PPI from somewhere, it does not have to be from them.Therefore if the salesperson:* didn't make it clear the mortgage protection insurance policy was optional,* implied or stated the loan would be more expensive if you didn't take the insurance,* implied or insisted you take out their policy to qualify for the product or help with your application,* was very pushy when selling the product so that you felt you could not say no,* would not let you continue with the loan application if you did not sign the insurance agreement as well.Did you already have insurance cover?If you were already covered - for example you had a separate income protection policy or your employer provided an illness and redundancy package and you informed the salesperson that you had this cover but they insisted you also had to take their insurance; or you weren't asked if you had any alternative cover, then you were mis-sold your PPI and will have a case to claim it all back.

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