Three Main PPI Complaint Reasons
There are dozens of reasons why you may have been mis-sold PPI in relation to Loans, Credit Cards and Mortgages. The Financial Services Authority has outlined three main reasons why complaints are being raised against mis-sold PPI.
1: Customers tried to claim on the insurance for accident, sickness or unemployment, only to be declined by the insurer because of policy terms and conditions or exclusions that were not outlined to them when they were sold the policy. This left many people thinking that they should have received a payout from their insurer or bank for their PPI on their loan, credit card or mortgage when in fact they may never have been able to make a successful claim.
If you have ever been declined or had a PPI claim rejected, you could be owed £1,000’s in compensation.
2: Consumers were mis-sold PPI because
- they were not aware that they were actually buying Payment Protection Insurance, they did not want it or even need it! But it was sold to them anyway.
- The sales advisor did not actually explain what they were buying – meaning that you could have bought a PPI policy without knowing what it was or understanding why it was sold to you
If you have ever been sold a PPI policy, or if you are not sure if you have ever had a PPI policy, it could have been mis-sold to you.
3: Customers who bought an upfront single premium policy, i.e. you took a loan for £10,000, with £3,000 PPI added to your loan at the start and you then had to pay higher premiums every month. In cases like this where you had a single premium policy and closed the loan or repaid it early you would not have received a full refund – which you should have.
If you have ever had PPI on ANY loan, credit card or mortgage, you could be owed the additional refund which you did not get in the first place PLUS COMPENSATION.