There has been a substantial amount of controversy over the last few years with regards
to payment protection insurance (PPI), mainly caused by overzealous brokers making use of unethical practices when selling it to clients. The term now used for this activity is termed mis sold payment protection insurance or mis sold PPI.
In many cases of this mis-sold ppi, the loan providers would lie and explain to the potential loan borrower that they would not receive a loan without buying the PPI. This was of course a false statement and a measure to deceive. In these instances, the borrowers that did agree to buy the PPI were charged a much higher priced policy than if they had obtained PPI on their own.
Other clients might not even realize they were sold a payment protection insurance policy. It might be a wise choice if you had received a loan or mortgage and were never offered PPI to check and see if you are paying for a policy you never agreed too.
We have a short list of questions to ask to see if you were mis sold payment protection insurance.
* Did the lender tell you the policy was not optional, or did they indicate that the PPI cover was required in order to receive the loan?
* Did the lending company ask about your employment status and whether you had any pre-existing medical conditions?
* Did the lender allow you to check the policy terms and conditions before the close?
* Did the lender ask you if you owned some other insurance that may cover such risks?
* Were you sold PPI while self-employed?
* Were you told of the limitations and just what pre-existing conditions would not be covered?
* Did the lender advise you on the the total APR would be of your loan with PPI incorporated?
* Finally, if you did purchase payment protection insurance and if you tried to cancel it, were you denied?
If you answered yes to any of these questions it is likely that you may have a case and thus file the ppi claims. There are several ways one can do this. You are able to contact specialists in the field that will assist you with the claim. Many companies will do everything trying to obtain a fair settlement for you. You may want to pursue your mis sold payment protection insurance claim by contacting the Financial Ombudsman and get the information necessary to file.