Capital One PPI Claim
In 2007 Capital One was fined £175,000 for failures connected with the sale of payment protection insurance. The fine was handed down by The Financial Services Authority (FSA) who was critical of the telephone scripts used by the lender which it found contained inadequate customer information. The investigation involved the examination of 335,000 and also revealed Capital One had failed to issue policy documentation to 50,000 customers who purchased cover between January 2005 and April 2006. The failure to issue documentation meant many policyholders were not aware of the full terms of their cover and, over all, The FSA concluded Capital One had failed to protect customers adequately from the risk of mis-sale.
In response to the FSA’s investigation there was an increase in Capital One PPI claims as more customers became aware of the mis-selling issue and began to question how their own policy was sold.
Capital One was not the only lender to have been fined as a result of The Financial Services Authority’s investigation as the scale of the PPI mis-selling problem became clear. Since 2006 in excess of 1.5 million complaints have been made and a year-on-year increase suggests the number will continue to rise for the foreseeable future.
If you are unsure whether you can make a Capital One PPI claim or payment protection insurance claims against another lender you should start by thinking carefully about how your policy was sold to you.
What were you told at the point of the sale?
When you were sold your payment protection insurance policy your lender should have given you information regarding the cost of the policy as well as details about the terms and conditions. If you did not receive this information in full your policy may have been mis-sold as you did not have all the necessary facts to make a decision.
You should also have been advised that you could but payment protection cover elsewhere and that the cover was entirely optional. Again, if you did not receive this information your policy may have been deemed to have been mis-sold.
Were you needs correctly assessed?
Not everyone can be offered PPI cover so, as part of the application process, your lender should have asked you a series of questions regarding your health and circumstances including whether you had cover in place elsewhere or were entitled to sick pay from your employer.
Certain circumstances could have immediately and obviously made you ineligible for payment protection cover. For example, most policies do not offer cover to customers over the age of 65. You should also not have been offered the cover if you were retired, unemployed or in full time education as PPI covers for loss of employment.
Call our claims team on 0207 471 2000 to find out more about mis-selling or complete our quick claim form. We have already helped 60,000 and reclaimed more than £50 million. We resolve many claims in just eight weeks and our average customer claim is £2,500.
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