What to Do If You Were Mis Sold PPI

What to Do If You Were Mis Sold PPI

What to Do If You Were Mis Sold PPI

As a consumer, if you have ever obtained a loan, credit card, store card, car finance, a mortgage or a secured loan over the previous ten years and purchased the Payment Protection Insurance (PPI) with your financial agreement, then you may be able to claim this back if it was mis-sold to you. As you may have read in the press, there are many cases where PPI was mis-sold to the consumer and they have successfully claimed it back.

If you think you that you have been a victim of being mis-sold PPI, it is possible to request a refund of the premiums paid from your lender. However this depends on the length of time you had the loan for, if this was a considerable amount of time, you could be looking to claim back many thousands of pounds. Up to present, approximately 1000s have claim for a PPI refund. Can you think if you may have been mis-sold PPI? If so, then you will be able to claim the money back.

There are numerous reasons why a PPI policy would have been incorrectly sold to you. As an example, you're a customer and you felt pressurised to purchase the insurance at the same time as the loan. This may have been because the salesperson told you that in order to get a loan, you would need to purchase the insurance. If this was the case then this unfortunately has been mis-sold to you, and you could rightly put in a claim for a refund. Additionally, there may be a case where PPI has been mis-sold to the unemployed, retired or self-employed. Most PPI policies do not include these demographics, therefore if you were mis-sold the PPI on this basis then you should put in a claim.

When taking out the initial loan you may have been completely unaware that the salesperson had added the PPI, if this has been done without your knowledge then you have been mis-sold. This may have arisen because of competitive sales environment that promotes commission based sales. A sales person would sell PPI so they can achieve their personal sales targets, they may have been under pressure to sell a certain amount of policies per day, in these circumstances they could have added the PPI without telling you, clearly this is an underhand way to go about the sales process.

In other situations it may also have been the case that the PPI was not just mis-sold, but also overpriced. Another situation is where a customer is not told they could purchase the insurance elsewhere if they so choose. Also a situation can arise when the lender does not check to make sure PPI was right for the customer's needs.

The good news is that if you were mis-sold PPI the refund process is available to you and is relatively simple. Firstly, you should lodge a complaint with the lender. If this is unsuccessful you should then file a complaint with the Financial Ombudsman.

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