16 October 2014
There are so many questions about PPI compensation that it is difficult to answer them all! However, we have collated a few here that we think will be helpful for all out customers…
Payment protection insurance (PPI) was mis-sold in so many different way that, even though there are long lists of proven mis-selling reasons, on occasions, it does come down to individual cases and circumstances.
In this case, the successful conclusion to the case would lay in the fact of whether the bank knew you were self-employed at the time they sold you PPI on your credit card. In most cases, the bank or lender would have known, as they would have performed cursory checks to satisfy themselves that you could make repayments on the credit card.
We would need to look closer in to the case, as the likelihood is that you would be entitled to PPI compensation and we would be happy to help!
This has been in the headlines recently as a claim management company brought it to the attention of the authorities that banks were still picking and choosing what they compensated in terms of PPI payments. Many customers did suffer from additional fees and fines being added to their accounts as a result of high PPI premiums being paid.
The Financial Conduct Authority and the Financial Ombudsman Service have said that banks and lenders must compensate customers back to the financial position they would have been in if PPI had not been added to their accounts. Following this line of thought would suggest that you do have a case for claiming these fees back as part of your PPI compensation claim, however, you would need to discuss this with us in full - why not call us?
This is common when it comes to claiming PPI compensation; be assured you are not the only customer who feels this way!
The mis-selling of PPI highlighted that the whole process of selling additional products at the same time as a loan etc. was not good practice. People often felt confused into signing, so much so that the sale of PPI to customers became part of the whole process; representatives were no longer pointing out it was a separate product and that it was not compulsory.
The fact you have no idea that you were being sold it, means it was mis-sold and you could have a valid claim for PPI compensation!