30 July 2018
The mis-selling of PPI is a scandal that has been around for many years but with the PPI dealing August 2019 confirmed and in place, it will be coming to an end soon.
In the meantime, thousands of customers are enjoying a financial windfall that either places them back in the red or takes them to the far-flung shores they have always wanted to visit.
There are, however, many people yet to make their PPI compensation claims. And the financial industry is still advertising to customers to protect themselves in the event that their income does not remain with various insurance products.
SO, what have we learnt about buying insurance after the PPI mis-selling scandal?
PPI was mis-sold to thousands of customers and in many ways. One mis-selling tactic was the failure of the bank's representatives to draw the customer's attention to the small print.
This sometimes hard to read print at the end of the agreement is important. It sets out the terms and conditions of being able to claim on the policy, as well as what is what is NOT covered.
Like many other purchases in life, you would not dream of buying a large purchase without comparing what it does and what you get for your money - buy any type of insurance, including PPI is no different.
And this was something that the bank told customers they could not do. It was their own PPI product or no loan in many cases.
There were also many cases of PPI mis-selling that focuses on the 'compulsory or not?' debate.
Many banks and lenders told customers it was essential and compulsory they bought PPI but this is incorrect.
The only insurance which is compulsory is car insurance but, you may find that your mortgage provider insists on building insurance (not content insurance) as part of the mortgage deal.
BUT, mortgage providers cannot stipulate their own products unless you have signed an agreement that you buy from them, and only them. Do not be bamboozled again into buying a defective PPI type product that is too expensive and something that you do not need.
As part of a set of improvement measures since the PPI mis-selling scandal broke, banks and other lenders must give you 7 days since you signed the agreement for your main loan product before they can offer you any additional product. If they do, they must tell you clearly why they think this product is the right one for you.
Claiming back your PPI premiums is too good to miss! Get help from a leading claim management company, contact Scottish PPI Claims!