Was My PPI Mis-Sold

What Exactly is Mis-Sold PPI?

Payment Protection Insurance or PPI are optional insurance covers against a debtor's inability to repay loans, credit cards and in some cases, store charge cards. Mis-sold PPI covers are those that were sold, based on incomplete or inadequate disclosure of terms, conditions, qualifications and restrictions. Mis-sold PPIs were also those that were purchased because borrowers thought they had to buy it to get approved for credit, thought they were buying for longer periods or didn't know they might find it cheaper elsewhere.

Who Mis-Sold PPIs?

PPI covers were mis-sold by sales staff, telemarketers and loan officers at banks and other financial institutions. There was inadequate training or oversight to enforce compliance with Government regulations. Whether you know PPI as Credit Protection Insurance, Loan Repayment Insurance or Accident, Sickness or Unemployment cover, many of the purchases were not correct or valid for one reason or another.

Why Were PPI Covers Mis-Sold?

The Financial Services Authority or FSA conducted widespread and far-reaching research on why PPIs were often mis-sold. Some of the more common reasons include

Firms, lenders and businesses did not screen PPI customers adequately for other coverage venues, qualifications or proper terms of coverage.

Sales staff gave purchase advice or they seemed to give advice when they were neither qualified nor allowed.

Sellers relied too heavily on written or pictorial documentation instead of verbally reviewing the purchase stipulations with consumers like you.

Representatives were not adequately trained and/or were not fully competent in Payment Protection Insurance.

Sales bonuses and other inducements were such that quantity ruled over qualification or full disclosure.

Did You Purchase PPI Needlessly?

The above list is only a portion of scenarios involved in the mis-selling of PPI covers. You might have either been told it was required to gain credit approval, or its requirement might have been implied by hints of repayment intention declaration, lower interest rates or any number of possible "good for you, good for us" implications.

You might not have known that you had alternative protection or that you were beyond the age limits or that you didn't need it for any number of reasons.

You might not even have known you bought it but were charged the fees anyway.

Were You Told or Led to Believe PPI Was Mandatory?

Many credit applicants were either told outright that the disposition of their credit application was linked to their purchase of PPI cover, or it was implied, being told something like it would be a good faith gesture the lending institution would take into careful and close consideration.

They weren't told they didn't have to buy it, much less that they didn't have to buy it from the lender.

Many were told their loans would incur higher interest rates if the lender's PPI wasn't purchased.

Most consumers who felt this purchase pressure were victimized by either overly pushy sales methods or subtly coerced into purchasing it, regardless of other conditions, protections or qualifications. In essence, they were told, "Buy it and buy ours, or else!"

Did You Already Have Alternate Cover?

Many claims of mis-sold PPI covers are upheld if the consumer already had some qualifying insurance but were not asked if it already existed. For example, if you had insurance already, had a separate income protection cover or if your employer provided a redundancy or illness benefit that paid qualifying credit debts - and that you were not asked about any of it or if your other cover was disregarded against the new PPI cover.

Did You Buy PPI That Failed to Cover the Length of the Loan?

If you took a loan prior to 2009, loans of longer terms being sold while single-premium PPI covers lasted only five years at most, regardless of the duration of the loan itself. Many people were not informed that PPI cover did not last for the entire loan term.

For example, if you were granted a 15-year loan with purchase of a PPI cover that you believed lasted that same 15 years, you were mis-sold PPI.

Did or Do You Have a Joint-Liability Loan but Single-Person PPI Cover?

If your spouse and you signed jointly for a loan, but the PPI cover provided protection for only one of you, you were mis-sold PPI.

Did You Purchase PPI in Conjunction with Other Credit

If you applied for a store card or even car financing, and you purchased PPI at that time, you were probably sold PPI by an untrained representative. There could be any number of possible reasons for a claim of mis-sold PPI in those instances.

Were You Self-Employed, Unemployed or Retired?

If you were self-employed when you purchased a PPI cover, then it was mis-sold. Self-employed are business owners responsible for their own employment status.

If you were unemployed when you purchased PPI, you were mis-sold a PPI cover, for you cannot lose a job you do not have. If you told the representative you were unemployed and were told the PPI was still appropriate, you were mis-sold a PPI.

If you were a student when your purchased a PPI, it was mis-sold for the same reason. If you notified the seller of your student status and were still sold a PPI, you have grounds for a mis-sold PPI claim. If you were older than 65 years when you purchased a PPI, it might have been mis-sold, depending on the age limit noted in the cover. Why? 65 or 70 years of age is retirement age, and if you are retired, you cannot lose a job - the reason for Payment Protection Insurance.

How to Reclaim Mis-Sold PPI Online

If you believe you might have been mis-sold PPI on any current or former credit application, you might qualify for reimbursement of the Payment Protection Insurance premiums and insurance if any single qualification pertains to you.

You didn't ask for it; you didn't know you were buying it but were charged anyway.

You were told or led to believe the PPI cover was compulsory or that it would influence lower interest rates.

You didn't know it was option or that you could buy it elsewhere.

Your work status wasn't inquired after or was disregarded, or policy exclusions weren't explained to you.

During the last ten years, millions of people like you were mis-sold PPI cover through faulty training, incompetence or unfair selling practices. ppiclaims.org.uk's mis-sold PPI experts have helped recover tens of millions of pounds in mis-sold PPI claims.

Apply online today or call 0800 542 5646, and let our advocates help you gain back your mis-sold PPI cover amounts as fully, quickly and efficiently as possible - the smart way where we do the work for you!