So was my PPI mis-sold?
Experts agree that around 50% of the PPI policies sold in the UK were mis-sold. There are several ways in which a policy may have been mis-sold. Were you harassed into taking the insurance by a pushy salesperson? Were you led to believe that the policy was compulsory? Or maybe it was implied that taking out the policy would increase your chances of getting the loan in the first place. Even if the salesperson’s only failed to explain the terms and conditions properly, you could have good grounds to make a claim.
What’s more, there’s a good chance your policy simply wasn’t fit for purpose. The Office of Fair Trading, Financial Services Authority and consumer groups have all expressed concern about low claim ratios, price differentiations and product variations.
Complaints to Citizens Advice suggest that many policies from mainstream lenders deliberately excluded common problems such as bad backs or mental illness, while others set arbitrary age limits or prevented the self-employed or those on short term contracts from making a claim.
In fact, Citizens Advice reported that 85% of its clients who had claimed on one policy had had their claims rejected, while the industry claimed that on average less than one claim in six was denied. Worse, many policies unreasonably delayed payments, so that policyholders were pursued by debt collectors and threatened with court action. In some cases, the cost of the insurance was added on to the total amount borrowed – pushing up the real cost of borrowing by anything up to 9% a year.
So if you think an insurer has taken you for a ride, don’t get mad – get in touch with PPI Claimback and get even. Our panel of experts will determin whether you have good grounds to make a claim. If you aren't sure give us a call on 0800 804 8425, or fill in the online form.
