Three reasons PPI may have been mis sold to you
Payment protection insurance or PPI is a type of insurance coverage to protect an outstanding loan or credit card. This is often sold by banks along with the credit products they sell. The main purpose of this is to insure the debt of the borrower in case of sickness, accident tor unemployment. This is fine in theory although many people have been mis sold these types of policies. Here are three reasons why:
Mandatory Selling
Many have reported that the payment protection insurance was forcibly sold to them by the banks. Most consumers agree that they do not need the insurance but the representatives from the lending company said that they will only qualify for the loan if they opt for PPI. Because of their urgent need for money, they reluctantly agreed to purchase it.
Sold in Disguise
Other agents sell the payment protection insurance in many disguises. They call it loan or credit protection or some companies use the term accident, sickness and unemployment cover. When a consumer sees this advertisement, they may be enticed with the appealing protection. Because most agents did not inform consumers about the exclusion clauses, many people are unaware of the pitfalls of the policy.
What to do next
If any of the above apply to you it may be possible to claim this money back. Simply complete our PPI claim form or give us a call on 0845 475 0505 for a free, no obligation assessment of your claim.
