29 February 2016
Unless you have not read a single newspaper, watched a single news programme or not been anywhere the internet in the last decade, you cannot have failed to have heard about the wholescale mis-selling of an insurance product called payment protection insurance (PPI).
There is so much information out there of people that we assume that this can only be a good thing. But is it?
When there is a lot of information circulating on a certain subject, two things can happen:
When you claim compensation for PPI that has been mis-sold to you, according to consumer law, you need to tell the bank why you believe it was not a suitable product for you to buy.
This doesn't mean mounting a court case and suing you bank; it means putting it all down in a latter, or completing a form, and asking for your money back.
Once you have done this, the bank will now need to do the easy part - agree and give you your money back - or the harder bit - disagree and tell you why.
For this reason, here are some mis-selling reasons:
I. The bank knew you were working part time but still sold you the policy anyway. In many cases, the policy only covered people who worked full time which is normally defined as 30+ hours a week.
II. You had a pre-existing medical condition but were not made aware that the policy would not cover you should your reason for you being unable to work and cover repayments was as a result of this medical condition or illness.
III. You were not told of the exclusions under the policy - for example, mental health illnesses or 'bad backs' were not covered by the policy.
IV. You were not told you had PPI on the loan etc.
V. You were over 65 when you were sold the policy or were retired - in most cases, the policy would not have covered you over the age of 65.
Want to know more? Contact Scottish PPI Claims today.