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
What are the reasons for mis-selling? Browse through out list
and see which could apply to your case…
- 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
- 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
- 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
- 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.