Was My PPI Mis-Sold?
What Precisely is Mis-Sold PPI?
PPI stands for Payment Protection Insurance and is intended to cover a debtor’s inability to repay a loan under certain qualifying conditions. PPI may apply to loans, credit cards and perhaps a store charge card. Unfortunately, millions of pounds in PPI was mis-sold by creditors and lenders, either by accident or through misinformation presented that they had to buy the optional coverage to gain loan or credit approval. Some buyers believed it covered longer terms than the cover did or that it might be found at a more affordable price elsewhere. Some also bought PPI when they were not eligible, but the buyers were not told of the disqualifying factors.
Who Mis-Sold PPI Covers?
Many banks, credit unions, stores, sales staff and even telemarketers mis-sold PPI covers. Occasionally, the mis-selling was deliberate, but most often, the seller was simply not properly trained in the intricacies of PPI covers and the governing regulations. Whether known as PPI, Loan Repayment Insurance, Credit Protection Insurance or Accident, Sickness or Unemployment Cover, mis-sold PPI covers did not actually apply to the credit or loan or the borrower’s situation or were not properly explained to allow a fully informed purchase.
If Regulated, Why Were PPIs Mis-Sold?
Months of complaint research led the Financial Service Authority (FSA) to conclude that
- Firms selling PPI did not properly screen buyers regarding venues, qualifying conditions, disqualifying conditions or proper coverage terms.
- Selling entities offered advice when unqualified or unwarranted. Often, they failed to just inform, sometimes implying approval rested upon purchase of the cover.
- You were never informed that you were purchasing it. The fees were simply added to your loan or credit payments. Full and fully informed disclosure of all fees and charges were denied. If you didn’t know, you had no opportunity to decline or shop elsewhere for cover.
- The seller may have simply handed you documentation and graphs instead of talking and screening you for coverage, again, leading to false disclosure.
- Sellers were unqualified to sell PPI. In-depth training in PPI was and is required. Sellers were not properly trained, so mistakes were made.
- Commissions or bonus payments took precedence over full disclosure, which would have limited income.
Were You Sold PPI When Unneeded or Without Qualification?
The sample list, above, covers only a portion of the conditions under which PPI was mis-sold. You might have been told that purchasing it was a show of good faith repayment, and that assurance would ease the application process. You might have been told that you might quality for lower interest rates with a PPI cover, or you might have been told you’d be awarded a larger line of credit if you purchased PPI.
You weren’t informed that you didn’t qualify for PPI coverage or that it was for a limited time. You might not have known at all that you bought it, but the fees were yours anyway.
Was It Required
If you were told that purchasing PPI was required before the approval process even started or at any time during the process, you were mis-sold PPI.
If you were sold PPI under any scenario that stated or implied failure to purchase meant higher interest rates or even denial of your application or that it was “good for you, good for them,” you were mis-sold PPI.
If you were told you qualified for PPI but not that you could, if wanted, purchase it cheaper elsewhere, you were mis-sold PPI.
Any scenario in which you were told or given the distinct impression that you had to buy it or buy it from them or that failure to purchase led to financial penalties qualifies as mis-sold PPI, and you might be entitled to a refund.
Did Your PPI Not Cover the Term You Expected?
If you obtained a loan prior to 2008, and if you were not told the PPI lasted only five years, you were mis-sold PPI, regardless of the actual term of the loan lasting longer than that limited time.
For instance, if you applied for a 15-year mortgage loan and were told PPI was available, but you were not told the PPI did not last 15 years, your purchased PPI was mis-sold, even if all other conditions were met.
Did You Have Joint Liability but Single-Person Coverage?
If your spouse and you, for example, both signed for a loan or a credit card for which PPI was purchased, if you were not informed your PPI was for only one person and not the other, your PPI was mis-sold. If you as the PPI cover holder were unable to pay, your spouse or co-signer would be responsible for the loan balance, but the PPI was mis-sold, and you might be due a refund of the amount paid for the coverage.
Was PPI Purchased via Another Credit Venue?
If you purchased PPI when applying for a store charge card or even an auto loan, the representative may have unknowingly been unqualified to sell PPI, often due to lack of proper training and not deliberate misinformation. If that’s the case, you were mis-sold PPI.
Did Your Employment Status Disqualify You for PPI?
You must be employed by another as a first step in qualifying for PPI. Therefore, if you were self-employed, unemployed, disabled or retired but purchased PPI, you are due a refund.
PPI coverage is for repayment of qualified debt when you lose income when you lose a job. Self-employed are responsible for their own employment status. Retired persons are not employed, and disabled or laid-off borrowers are not working either.
If you purchased PPI when you were a student attending classes, you were mis-sold PPI. On the other hand, if your age exceeded the maximum age stipulated in the cover terms, usually 65 years old or older, you were mis-sold PPI.
All are disqualifying conditions of PPI coverage, and if you met any of those conditions when you were sold PPI, you are probably due a refund. You cannot lose a job you don’t have, and as stated, PPI covers pay minimal amounts due when unable to pay because you lost your job.
How to File a Mis-Sold PPI Claim Online
If you believe you were mis-sold PPI in association with any credit or loan application, whether a current application or a former one, you might qualify for a full refund of the PPI premiums you paid if you meet even one of the following sample scenarios.
- You didn’t know you were purchasing it but paid fees anyway.
- You were led to believe or told that it was compulsory for loan or credit approval.
- You didn’t know that it was either optional or available elsewhere.
- You were not informed that you did not qualify for cover through age, student status or employment status.
Without exaggeration of any sort, millions of people just like you were mis-sold PPI during the last 10 years from incomplete, inaccurate or non-existent training or deliberate misinformation. The PPI experts at PPIClaims.org.uk have helped victims like you recover many millions of pounds in mis-sold PPI claims.
Apply online today for a review of your PPI claim. Our advocates will qualify your claim based on accurate loan and credit information. If you no longer have that information, we can get it for you and include it in our review. We work for you – not the creditor who took your money. We work quickly, efficiently and effectively on your behalf. Let us help you today!