Have You Been Mis Sold Payment Protection Insurance
Posted May 19th, 2010 by adminWhen you add to the fact that the person taking out the loans. Over the years banks and building societies in the UK have been looking for ways to squeeze more money out of their customers and one of the ways that they did this was through the introduction of payment protection insurance (otherwise known as PPI). This was something that was supposedly to be a benefit to the person taking out the loan but unfortunately the policies were often not worth the paper they were written on.
In fact the problems of these policies being mis sold became so big that many banks and building societies have been fined millions for the mis selling of them. Some of the more common types of mis selling practices were
- Not checking the candidates employment status
- Not checking the candidates medical status
- Telling the candidate that PPI was mandatory
- Not telling the candidate that PPI was included in the loan value
When you add to the fact that the person taking out the loan also had to pay interest on this protection as well as the loan itself then you can see why it was such a good deal for the banks; especially when the loanee needed to make a claim and discovered that they were unable to because of a technicalities which meant they should not have had the insurance in the first place.
However there is a way to fight back and there are firms out there that are helping people to take on the banks and get there money back on a no win no fee basis. So, if you feel you have been mis sold a PPI then there is a chance you will be able to reclaim some money back without having to take on the banks yourself.