It's a frightening thought that either a Bank or Building Society could ever miss sell you anything, however PPI has historically been mis sold in a variety of ways?
PPI Mis selling
What is PPI Mis selling?
Home » PPI » PPI mis sellingPPI: An Introduction
PPI Mis Selling: Are you a vicitim? If so fill in our
PPI claim form or phone 08000 461 825.
Payment Protection Insurance was invented to help people with Loans, Credit Cards, Finance Agreements and mortgages etc if they ever found themselves in the position where they couldn't keep up with their payments.
It sounds like a great idea, you agree to pay a little extra each month and if the worst happens, if you fall ill or lose your job, you won't have to worry about payments on your loans.
Like so many simple, good ideas - it was twisted so much, with banks putting profit first PPI never stood a chance to help. Only 18% of people ever attempt to make a claim on these policies - and only 8 percent of those are ever successful!
Gladstone Brookes represent people who have taken out loans, credit cards and mortgages with banks and building societies but were mis sold PPI.
Does Mis selling Payment Protection Insurance affect me?
PPI is optional
Not telling you they've added PPI to your loan, credit card or finance agreement
In cases PPI has been sold as if it was part of loan, PPI is not a compulsory part of any loan it is optional. Some online applications have a tick box which in some cases asks the customer if they want to be covered? This is not as simple as it first seems if on your application it wasn't explained to you what the cover they are offering actually is.
Pressuring / forcing you to purchase PPI
Some have been sold PPI using pressure from sales representatives. One example would be that at the end of your loan application you may have been told the loans would possibly be rejected unless PPI is purchased. Has this happened to you? If so you were mis sold PPI. There are alternative to PPI such such as income protection or redundancy cover that can offer your more protection for less.
If you bought PPI and you had to pay for it up front in one single payment was this explained to you? Normally with any single premium you are only covered for five years? A loan or finance agreement can sometimes be longer than this and if so did the adviser make it clear that the insurance would run out before you had finished paying for your loan or finance agreement?
Not explaining true cost of PPI
If you were sold PPI with a loan then included in the cost of the loan may possibly have been the cost of your cover. If that's you then was this explained to you? If so you are not only paying interest on you loan but included in that is interest on your PPI cover. Monthly payments for PPI may not seem like much but if you take into account the interest then PPI can possibly cost you £1000's ultimately. If this was not explained to you then you have been mis sold PPI.
Having PPI doesn't necessarily mean you are fully covered
PPI as an insurance policy is like any other insurance policy in that it sets out to explain not only what you are covered for but what you are not. PPI as a policy does not cover all people in all circumstances. In fact if you fall into any of the following categories you are not fully covered:
- Self Employed
- Student
- Unemployed
- Employed Part Time
- Have a pre existing medical condition
- Covered for Sick pay by your employer, the following jobs fall into this category:
- Civil Servant
- Nurse
- Member of Armed Forces
PPI Mis Selling: Make a Claim
If you have taken out a Loan, Credit card or any other type of finance with a company and you've taken out Payment Protection Cover that either you didn’t want, need, wouldn't protect you or even didn't know about you have been Mis Sold PPI. This being the case you are entitled to a refund, any interest you’ve paid + 8% interest per annum since you have bought the policy. You can reclaim your mis sold Payment Protection Insurance by filling in our PPI claim form or phone us 08000 461 825
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