Since 2006 the number of people claiming PPI refunds has risen dramatically after two high profile investigations revealed the cover had been widely mis-sold.
PPI is short for Payment Protection Insurance, a type of cover sold by banks, building societies and other lenders alongside credit cards, loans and mortgages. The cover is supposed to protect the policyholder by covering their debt repayments if they cannot work as a result of accident, sickness or involuntary unemployment. Payment Protection can be a very good product, but it is not suitable for everyone. Unfortunately, for many years, many lenders sold it as ‘one-size fits all insurance’ meaning that many people were sold policies they did not want, did not need or could not use. Investigations by the Office of Fair Trading and the Financial Services Authority shone a light on the issue and enabled victims of mis-selling to claim PPI refunds.
The issue of mis-selling has proven to be on a much larger scale than anyone could have predicted and in excess of 1.5 million complaints have so far been received. There are an estimated 20 million active policies in the UK, though, so it is likely many more people may have been mis-sold cover.
If you answer YES to any of the questions below, it is likely your policy was mis-sold and you may be entitled to PPI refunds.
Were you told you had to have the payment protection cover?
Were you told taking out the cover would improve your chance of being given the loan?
Were you sold the policy without the terms and conditions or costs being made clear?
Were you suffering from a pre-existing medical condition?
Were you aged sixty-five or over?
Were you self-employed, unemployed, retired or in full time education?
Were you a serving member of the armed forces or employed by the civil service?
Did you have payment protection cover in place elsewhere?
Did you feel pressured into taking out the cover?
If you were mis-sold cover you could start claiming PPI refunds today. Just complete our form and we will send you everything you need to get started.