Have you heard the joke - How do you know if you've been mis-sold PPI? Answer: If you were sold PPI. While that's not quite true, and anyone who has been mis-sold PPI won't be laughing, it demonstrates quite well just how widespread mis-practice was in the industry over the selling of PPI (payment protection insurance). And so while not everyone will have been mis-sold PPI, if you took out any type of loan, it might be worth checking if you were.
The advisor selling PPI in some cases might not have told you about the cost at all. Obviously in this case PPI would have been mis-sold, but if the advisor also failed to adequately explain what PPI was or the extent of the cost to you they would have been guilty of mis-selling. Lenders may also have said PPI was necessary to secure the loan - another very obvious case of mis-selling.
After 2005, guidelines stipulating how PPI could be sold insisted that a 'demands and needs' statement be read by anyone advising you to buy PPI. This was to ensure that the customer fully understood the product they were purchasing and could make an informed decision about whether it was useful for them. If no such statement was read then you also have a very strong case to reclaim PPI.
Sometimes you might not be so confident about whether or not you were mis-sold PPI. The loan might have been taken out many years ago and you might not even know who the lender was. You might have stopped making repayments on the loan and don't even know whether or not you were paying PPI in the first place. In these cases a little detective work may be needed to find out if you've been mis-sold PPI.
And then there are those other scenarios where you're quite sure you were mis-sold PPI but can't really prove it or don't know how you would. Rather than give up or diminish your chances of getting repaid by presenting a week case to your lender, a specialist claims agency may be able to find out all your details and submit all the necessary evidence to make sure you get as much money back as possible.
The advisor selling PPI in some cases might not have told you about the cost at all. Obviously in this case PPI would have been mis-sold, but if the advisor also failed to adequately explain what PPI was or the extent of the cost to you they would have been guilty of mis-selling. Lenders may also have said PPI was necessary to secure the loan - another very obvious case of mis-selling.
After 2005, guidelines stipulating how PPI could be sold insisted that a 'demands and needs' statement be read by anyone advising you to buy PPI. This was to ensure that the customer fully understood the product they were purchasing and could make an informed decision about whether it was useful for them. If no such statement was read then you also have a very strong case to reclaim PPI.
Sometimes you might not be so confident about whether or not you were mis-sold PPI. The loan might have been taken out many years ago and you might not even know who the lender was. You might have stopped making repayments on the loan and don't even know whether or not you were paying PPI in the first place. In these cases a little detective work may be needed to find out if you've been mis-sold PPI.
And then there are those other scenarios where you're quite sure you were mis-sold PPI but can't really prove it or don't know how you would. Rather than give up or diminish your chances of getting repaid by presenting a week case to your lender, a specialist claims agency may be able to find out all your details and submit all the necessary evidence to make sure you get as much money back as possible.
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If you're still unsure if you've been mis sold PPI, simply contact your lender and they should give you all the information you need.
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