Mis Sold Payment Protection Insurance
It is very possible that you may have been missold Payment Protection Insurance (PPI) if you had a loan, credit card or mortgage in the last ten years. Loan PPI policies were very common followed closely by credit card PPI policies.
The financial providers used pushy sales tactics to sell PPI also referred to as payment protection insurance and income protection insurance as it returned attractive profit to them. In some circumstances clients didn’t know if they had PPI on their loans and credit cards but asked us to investigate on their behalf, when we approached the bank it was revealed in most cases PPI was attached and led to successful reclaim and refund of interest.
How Was I Mis Sold PPI?
In many cases PPI was mis-sold by the banks to self-employed, part time, retied and temporary contract personnel where the policy would have been totally void to make a claim. It is possible that the policy exclusions were not explained to you or you could have had an existing medical condition, which would not be covered in the PPI policy. There are several ways in which the bank mis-sold PPI and a very common compliant is that the customer was told that without a PPI policy in place a loan would not be granted, or suggested that the loan would be favored with PPI. Many clients had no idea that interest would be added to the PPI making there loans in some cases to be up 40% more expensive than without the PPI.
A common fault of the bank is they did not inform the customer the Payment Protection Insurance policies were widely available from other providers and in many cases would have proved to be considerably cheaper than the banks were offering.
Click here to start your application to reclaim PPI
Who Has Mis Sold PPI?
High street brands such as Lloyds TSB, Barclays, HSBC, Halifax, RBS, BOS, Santander, MBNA, Blackhorse, Welcome Finance, Yorkshire Bank, Citi and Barclaycard have all been offenders of missold PPI.
Interesting Opinion On PPI Mis-Selling?
If the bank staff had explained fully the Payment Protection Insurance policy at the point of sale our clients have said that they would have never taken it out in the first instance. Many of our clients felt very pressured to take out the insurance in the first place. With our high success rate and professional team we feel confident that we will work the hardest to reclaim your PPI, together with interest and an additional 8% statutory interest. To find out how to reclaim PPI Contact us on 01202 835111 or 0844 3579321 or Click here to submit our online form