subject: PPI refunds obtainable if you were mis-sold [print this page] PPI refunds obtainable if you were mis-sold
Consumers that may have taken out loans, credit cards, store cards, car finance, mortgages or secured loans over the last 10 years could be due a small windfall if they purchased the additional insurance with the finance agreement. The insurance is known as Payment Protection Insurance or PPI for short, and is also known as Accident, Sickness and Unemployment (ASU) cover. The reason why many could be due a payout is because the PPI may well have been mis-sold, as has been widely reported in the press recently.
Anybody that thinks they may have been mis-sold can request a PPI refund from their lender, and this could amount to thousands of pounds, depending on how long the loan or credit card has been in existence and the amount contributed so far. Currently, many thousands of people have put in claims for PPI refunds and if you think you could have been a victim of mis-selling, then you should make a claim too.
There are many reasons as to why a PPI policy may have been mis-sold. For example, if consumers felt pressurised into taking out the insurance with their loan because the salesman told them they could not get the loan if they didn't have the insurance, then this is mis-selling and the client could rightly request a PPI refund. Other examples include the sale of this type of insurance to self-employed, retired or unemployed people. Many PPI policies exclude these types of people from being able to make a claim from the outset, therefore making the sale of PPI to these groups completely unacceptable.
Other reasons why consumers may be due PPI refunds could be because they weren't aware that this insurance was added to their loan or credit card whatsoever! It has been uncovered that many people who applied for financial products had this additional insurance added to their agreement without being told about it. This type of mis-selling came about as a result of a commission-driven sales culture whereby salespeople would sell the insurance in any way possible in order to satisfy sky-high targets, even if it meant not telling the customer they'd added it.
Other examples of mis-selling could be that the PPI was substantially overpriced, that the customer was not told that they can purchase the same type of cover elsewhere, or that the lender did not make the correct checks to ensure the insurance was appropriate for the client's needs.
