subject: Were You Mis Sold Ppi? [print this page] From 2005 onwards the sale of Payment Protection Insurance (PPI) has been regulated by the Financial Services Authority (FSA). The FSA created a set of rules that are very clear and dictate what firms and advisers selling payment protection should do and say at the time of sale. Misold or miselling a police can occur if the advisor fails to adhere to these rules.
If you have a credit agreement in place, be it a credit card or mortgage agreement, and you took out PPI then you should have been made aware o the following terms. If you were not made aware of the following terms at the time of taking out the PPI then it is likely that you have a case of mis sold PPI and can then escalate this to a PPI Claim.
Your advisor should have made you aware of the following information:
The advisor should make it clear whether the PPI is optional or not
The advisor should make the costs of the agreement clear, and whether the PPI would then be paid by one single payment, or by regular installments.
The advisor should make the costs of the agreement clear, and whether the PPI would then be paid by one single payment, or by regular installments.
If the policy expires before you finish paying for the loan or finance agreement, then the advisor should make you aware that this was the case.
If the policy expires before you finish paying for the loan or finance agreement, then the advisor should make you aware that this was the case.
The rules set by the FSA are very clear. They state that you must be given enough information at the time of purchasing the insurance so that you are fully able to make an informed choice as to whether the policy is right for you. After all, if you were not informed about interest costs you cannot fully calculate the costs of repayments and so you may not actually be able to afford them.
You will also need to know the exclusion and exemptions associated with the agreement so that you are in a position to fully understand what you are agreeing to. If at any point the advisor has failed to mention any of these points than you have a case of mis-selling a policy.
