You won’t believe how many times people have mis-sold PPI
Some lenders and insurers are facing PPI compensation claims because their sales staff didn’t even take the time to discuss health or employment histories before signing the customer up for the cover. As a result; financial consumers are finding that when they actually needed to use the insurance, it was completely useless and they’d paid a pretty penny for a pointless policy.
If you took out cover and the representative didn’t explain the full details then there’s a good chance you can put in PPI claims for the monthly payments you’ve made. Some lenders even lumped the whole cost of the PPI on top of the borrowing meaning that you may never have known you were paying for PPI
Unsure if you have PPI?
If you’re not sure whether you have a Payment Protection Insurance policy or a claim, it may help you to know what PPI is also known as:
- ASU Policy – Accident Sickness Unemployment Policy
- PLP – Personal Loan Protection
- MPPI – Mortgage Payment Protection Insurance
- CCPP – Credit Card Payment Protection.
All of these types of insurance have been mis-sold and the Ombudsman is upholding the majority of complaints that they receive about PPI related products. And it’s no wonder when you consider what has gone on, from pressure selling and blackmailing to customers being told that PPI was compulsory and not explaining the terms and conditions, there has been a major failing by a great-many lenders and providers.