PPI mis selling - Examples of mis sold payment protection insurance

The PPI mis selling scandal has affected up to 20 million people! But what is mis selling? How does it affect you? Most importantly why can you claim back mis sold PPI?


What is PPI Mis selling?


The Banks and Building societies in the UK have sold Payment Protection Insurance on loans & credit cards, mortgages and countless other financial products.


However, the vast majority of people who have purchased PPI have purchased a product that either doesn’t fit their requirements, didn’t need, or were conned into purchasing.  There are many different complaints that can be made when dealing with mis selling payment protection insurance.


How does Mis selling Payment Protection Insurance affect me?


When a bank mis sells PPI to you, they have sold you a product that you didn’t want, need, would work, or do what it says on the tin. Consequently, the bank has ‘mis sold’ the product. 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.
 
     
 
     
 

What reasons constitute Mis selling Payment Protection Insurance?

Mis selling PPI - Cost


Gladstone Brookes have represented individuals who took out personal loans with major banks:


  • They discussed PPI with the sales representative and were convinced that they needed PPI.
  • It was later discovered the premium was added to the amount of the loan and they were paying interest on the premium, resulting in payments in excess of 40% of the original loan amount, this had not been explained or discussed with them

If this sounds familiar, then reclaim your mis sold Payment Protection insurance by filling in our PPI claim form or phone us 08000 461 825.
 
 
     
 
     
 

Purchasing Payment Protection Insurance Is Optional

Gladstone Brookes have represented many clients who have been pressured into purchasing PPI, a common scenario is:


  • The client goes through the loan application with the bank.
  • At the end of the application the subject of Personal Protection Insurance is bought up.
  • The client is led to believe the loan application will be rejected unless PPI is purchased.

Banks unfairly pressurised a lot of people into buying PPI. Sales representatives made them feel frightened about their future job prospects or their health – scaring people into purchasing something that they didn’t need.


Were you put under pressure to purchase PPI when you took out your loan, mortgage, or credit card?  Fill out our mis sold PPI claim form or ring us on 08000 461 825.
 
 
     
 
     
 

Were you eligible for Payment Protection Insurance?

Many of the people who have purchased PPI simply aren’t covered by the policy they have been sold.  If you bought Payment protection insurance in the following circumstances:


  • You were a student when you purchased the PPI
  • You were self employed when you purchased the PPI
  • You were in part time employment when you purchased PPI
  • You were unemployed when you purchased the PPI

Your payment protection insurance won’t be valid and you won’t be able to claim on it.  Therefore, the bank has sold them a Policy that they know cannot be used.


Do you have a PPI Policy that you are ineligible to use? Fill out our PPI claim form or ring 08000 461 825.
 
 
     
 
     
 

Suitability – Did you need PPI?


Many people have taken out PPI to ensure that they are covered if a pre-existing medical condition causes them to be absent from work. However, they are not told that the Policy they have bought does not apply to pre-existing medical conditions. This means that if they are off work due to this condition Policy will not pay out.


A lot of people who are in full time employment receive full pay when they are unable to work due to illness. For example Civil Servants, who make up 25% of full time employment, receive 6 months full sick pay.


This being the case, they have no need for PPI as their financial position will not change if they are off sick


Did your financial provider check if PPI was a suitable product for you? Fill in Gladstone Brookes Online claim form and start your claim.

Many people have taken out PPI to ensure that they are covered if a pre-existing medical condition causes them to be absent from work. However, they are not told that the Policy they have bought does not apply to pre-existing medical conditions. This means that if they are off work due to this condition Policy will not pay out.


A lot of people who are in full time employment receive full pay when they are unable to work due to illness. For example Civil Servants, who make up 25% of full time employment, receive 6 months full sick pay.


This being the case, they have no need for PPI as their financial position will not change if they are off sick.


Did your financial provider check if PPI was a suitable product for you? Fill in Gladstone Brookes online PPI claim form or ring freephone 08000 461 825 and start your claim.
 
 
     
 
 
ppi claim form