Three major reasons PPI has been mis-sold
Some may ask if payment protection insurance is worth its monthly fees. Naturally, this would depend on many different factors of the actual insurance itself, as well as the particular circumstances of the policy holder. The actual notion of PPI in itself is that yes it would be worth it, however, over recent years, and especially within the United Kingdom, a number of these policies were incorrectly sold. Let us discuss some situations that have resulted in hundreds of thousands of mis sold ppi claims.
One common complaint is that borrowers thought that they had to take out PPI in order to be approved for the loan.
If you don’t remember taking out PPI and you have recently discovered that it was added to your loan or credit card, you may be due a refund.
Finally, you may have been mis-sold PPI if you were not in full-time employment as you may not have been covered for unemployment cover in these circumstances.
You could either try to tackle the claim yourself or leave it in the hands of an experienced claims company. If you choose to make use of a particular company enquire whether or not they charge any upfront fees. Also, do not allow them to proclaim you are guaranteed money, because naturally in life there are not any guarantees. Many claims companies charge a fee of around 25% plus VAT although sometimes it can be higher than this so it’s worth shopping around.
There are numerous other ways in which one may have a legitimate action to file a ppi claim, however, these would be the top three. If you fall into one of the three, please act on it, as you may be entitled to all your payments back as well as a statutory 8% interest fee.