How Was PPI Mis Sold To Me?
Although many people have knowingly taken out a PPI policy and indeed benefited from the extra financial security that it provides, many have been making PPI payments every month for a number of years as part of a loan repayment, often against their wishes or without their knowledge.
As such, many PPI reclaims have been processed, amounting to millions of pounds which has found its way back into the pockets of unsuspecting borrowers. Looking at the many ways in which PPI was mis sold, it is no wonder that around 70% of the UK's adult population has needlessly made regular PPI payments at one time or another.
Have You Been Mis Sold PPI?
Here's a checklist of how it may have happened to you:
The majority of PPI claims are made because people simply had no idea that they had agreed to take out such insurance. In fact, in some cases PPI payments have still found their way onto policies even when the borrower has made it very clear to the salesperson that they did not want it. The onus therefore is on the lender to provide evidence that you agreed to take out PPI, however if you either declined or don't remember being offered it there?s a good chance a PPI claim would prove successful.
There have been cases where the lender refers to the cost of the 'fully protected' loan which includes PPI without actually drawing attention to it. The borrower therefore agrees to the cost quoted, unaware that PPI has already been added. This is mis sold PPI at its most devious.
You may have been told that PPI is compulsory. While this may be true as per the terms and conditions of the loan, a lender is not within its rights to insist that you purchase PPI from them ? the Banking Code gives you the power to shop around. If a lender was to withhold lending unless you take out their PPI is breaking the law and would therefore be deemed to have mis sold PPI to you. Although it may seem convenient to take out PPI with the same lender, the chances are you?ll be paying substantially more than if you went elsewhere.
- Pre-filled application forms may sound like the lender being helpful, when in fact they are simply another way of them pre-ticking the boxes whereby you have unwittingly consented to purchasing their PPI. If you have at some stage informed them that you don?t want PPI and it is clear that THEY have ticked the box which says you do on your behalf then you will have a case to make a PPI claim.
- What you thought you had agreed to over the phone may not have made its way on to the written contract if you didn't take extra care to read the lender's terms and conditions and just assumed that everything was as you saw on their webpage/discussed with the lender, then you may well have been mis sold PPI along the way.
If any of these scenarios sound familiar then you may be eligible for a PPI reclaim. For advice on how to claim back PPI expenses that are rightfully yours, contact one of our advisors on 0800 043 2027. They're on hand to help 24 hours a day, 7 days a week.