24 October 2016
If you want to claim compensation after being mis-sold payment protection insurance (PPI), you may be wondering what mis-selling actually means. How do you know if you have been mis-sold the policy or not?
In the main, the vast majority of customers who were sold PPI either didn't want it or didn't need it. What happened was that people were persuaded to buy it for all kinds of reasons - you may have been told it was the right product for you, or what a great idea it was.
But there are other reasons, and one is that the bank or lender sold it to you although they knew it was not right for you or that you were not covered by the policy.
Read on to find out how you could have been mis-sold PPI…
PPI was a policy that could only be sold to customers who were aged between 18 and 65 years of age. If you were outside of this age range, any claim you made on the PPI policy would have been invalid.
If you were younger than 18, or older than 65 when you bought the policy, you are more than likely entitled to your money back.
If you were;
When the PPI policy was sold to you, then you have a strong case for claiming your money back as this would constitute mis-selling of PPI.
Many people bought the policy assuming that it covered all eventualities but were shocked to find that this was not the case. This is especially true in cases where people thought their existing medical condition was covered. This makes sense as the one thing that could possibly stop from working would need to be insured but if you made a claim on your policy, your claim would be invalid.
Many people felt that PPI policy was part and parcel of the loan or credit card. This should not have been the case and is blatant mis-selling.
PPI was expensive, an issue that had been raised via a super-complaint made in the mid-1990s by a consumer organisation. But it didn't stop for a long, long time and as such, you too may have been surprised at the true cost of PPI being added to your loan?
Need to know more? Contact Scottish PPI Claims today!