Mis Sold Insurance on a Loan
There is always a certain amount of concern which accompanies taking out a loan.
Regardless of the purpose it is a financial risk. For many years people opted to
reduce the risk by taking out payment protection insurance. This type of cover
is supposed to protect the borrower in the event they are unable to work as a
consequence of sickness, accident or involuntary unemployment. The trouble with
this kind of cover is the way it was sold. Within the last six years mis sold
insurance on a loan has become one of the top complaints submitted to the
Financial Services Authority.
Types of mis-selling
If you think you may be entitled to file a PPI claim,
but are not sure you should consider the information you were given when you
took out your payment protection cover. Were you given inadequate information
regarding the policy or its costs? Were you told you had to have it or did you
later discover you were ineligible to use the insurance? These are all ways in
which you may have been mis sold insurance on a loan.
What to do next
If you believe you have been mis-sold a policy and you may be entitled to claim a
refund, you have the right to submit a complaint to your lender. Investigations
by the Financial Services Authority and the Office of Fair Trading shone a light
on the issue of mis-selling, but also opened the door for anyone who has been
mis sold insurance on a loan to make a claim.
If you require assistance with your claim
If you require assistance with claiming back your PPI refund
we could help. We work on a no win no fee basis and have so far assisted more
than 40,000 to make a claim. For more information contact our team on 0207 471 2000.
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