The controversy around PPI refused to die even after so many years. More than three million have already made their claim with more coming forward every day. While PPI is a good plan and offer a number of benefits, it was the way it was sold to the people that was wrong and illegal. The financial institution used different tricks in order to sell the PPI to those they knew cannot claim it.
Here are some of the ways that the PPI have been mis-sold to people –
Optional – The lender did not make it clear that the PPI was optional for purchasing with your loan.
Exclusions – The different exemptions to the PPI was not informed to you. You cannot make a claim when needed in case you had a pre-existing medical condition, were unemployed or self employed and such.
Interest – You did not know that the insurance cost would be added to the loan and you will be required to pay interest on the total amount.
Expiry Date – You were not told that the PPI was valid only for a limited amount of time. If you had a loan for more than five years old, the PPI would expire way before it.
Advice – If the seller tried to persuade you to buy the PPI or tell you that it is highly recommended that you take out PPI, then you have been mis-sold it. This kind of sale is known as advised sale and is illegal.
Not Notified – If you were not notified of the sale of PPI and it was still sold to you, then you have a mis-sold PPI and ask for a claim.
If you think that you were sold your PPI in any of the above manner, you can make mis sold ppi claim. You can choose to do it on your own or hire a company to do it for you. Since making a claim can take days, it is essential that you use a company who can spend time on your claim and ensure that you are getting a compensation that is appropriate for you.