Capital One PPI reclaim
In 2006 The Financial Services Authority (FSA) began to investigate the sale of payment protection insurance. Their investigations revealed a worrying trend of failings across the financial industry and a failure by many lenders to protect customers from the threat of mis-sale. In the following two years the FSA continued to investigate the sales of a number of leading lenders and, as a result, several were handed significant fines.
One of the lenders investigated by the FSA was Capital One. After examining 335,000 Capital One credit card sales made between January 2005 and April 2006 the FSA found the lender had failed to issue PPI policy documents to many customers during this period. It was also found that telephone sales of the cover had not been adequately monitored. As a consequence, a fine of £175,000 was handed to Capital One in February 2007. The press coverage of the fine drew attention to the issue of mis-selling and there was a rise in the number of unhappy customers making Capital PPI reclaims.
If you are unsure whether your Capital One payment protection policy may have been sold it is important to think back to the questions you were asked and the information you were given at the point of sale. Were the full terms and costs of the policy clearly explained? Were you fully aware of what you were being sold and what it covered? Were you asked whether you had existing cover in place or any questions regarding your employment status or health?
If you feel there may have been failings in the way your policy was mis-sold you have the right to make a Capital One PPI reclaim. Where mis-selling is proven you could be entitled to reclaim all the PPI premiums you have paid plus 8% interest. To find out more regarding mis-selling and how we may be able to help you with your claim call 0207 471 2000.
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