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Scotland Wide PPI Specialists

Were you Mis-sold PPI?

11 January 2016

Understanding if you were mis-sold payment protection insurance (PPI) policy can be confusing, especially when you consider there are many reasons why this may have been the case.

In order to claim your money back, you need to tell the bank or lender why you believe you were mis-sold PPI and they need to agree. If they don't, all is not lost as you can ask the Financial Ombudsman Service to look at your case. Their decision is binding and has been in favour of the customer in seven out of ten cases.

What are the reasons for mis-selling? Browse through out list and see which could apply to your caseā€¦

  • Age - a PPI policy should not have been sold to people younger than 18 or older than 65.
  • Work - if your worked less than 16 hours a week, the policy should not have been sold to you as it does not cover part time workers
  • Temporary contract - likewise, if you were employed on a temporary or a contracted basis you would not have been covered by the policy
  • Self-employed - these PPI policies were not applicable to people who were self-employed. In most cases, to claim you would have had to close down your business.
  • Existing illness - if you had an existing illness the policy would probably have been invalid as the policy did not cover such a situation
  • Certain medical complaints - not many people realise that PPI policies in many cases did not cover backache, stress and other kinds of mental health issues, such as depression. Neither would it cover you in the event of 'common' muscular conditions
  • Possibility of unemployment/redundancy - if you thought you may lose your job in the months immediately after you bought the policy, it would not have covered you
  • Unware of its cost - many people were sold the policy but were not told what the overall cost of buying the policy would be; neither were they told what the monthly premium would be
  • Other insurances - in many cases, customers already had insurance policies that covered the eventuality of them being unemployed. In some cases, customers were told these were insufficient or they need to buy this separate policy
  • Compulsory - some people were told that buying PPI was compulsory or a necessary part of the application process. This is not the case
  • Price - you were not told you could buy it cheaper elsewhere
  • Online applications - the PPI box was often pre-ticked and not many customers noticed this; thus, they unwittingly bought a policy that added costs to their loan
  • Advised sales - was the PPI policy FULLY explained to you and, why it was the right policy for you?

Need help? Contact Scottish PPI Claims today.