
First Direct Claims
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First Direct is a telephone and internet bank based in the UK. It is a division of HSBC Bank which has interests world-wide. They offer loans, mortgages and credit cards to which payment protection insurance (PPI) has often found to be attached.
HSBC, the parent company, has set aside £3.9 billion to pay compensation for successful PPI mis-selling claims of which £2.98 billion has already been spent.
In its annual report the bank said it had sold a total of 5.4 million policies since 2000 adding: “At 31 December 2017, the estimated total complaints expected to be received were 2.2 million, representing 41% of total policies sold.”
How was PPI mis-sold?
If you took out a loan, credit card or mortgage with First Direct, it is likely you were mis-sold PPI if you experienced any of the following:
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were already covered by another policy
- you received full sick pay from your employer
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
- the amount of commission paid on the sale was not revealed at the time