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Scotland Wide PPI Specialists

Reasons why PPI was Mis-sold to you

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?

A glut of information

When there is a lot of information circulating on a certain subject, two things can happen:

  • Misinformation - this is when a fact because misconstrued. In some cases, this is not deliberate but in the midst of time, a key fact can become slightly distorted. There are cases, however, where sometime the information is deliberately altered or watered down to become ambiguous so that people must seek help in order to deal with it - but this is not always from a reputable source.
  • Apathy - familiarity breeds contempt or so says the adage. And in the case of mis-sold PPI, this may be the case. With it being such a large scale problem, people can be put off from staking their claim as they assume it affects everyone but themselves.

Mis-selling and reasons for compensation

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.