Mis Sold Payment Protection Insurance
One of the hottest topics at the moment in the lending industry is mis sold payment protection insurance because it has become the biggest scandal to have to ever rocked the industry in the UK. It is estimated that there are more than 20 million active payment protection insurance policies at the moment. Mis sold payment protection insurance policies
may have cost consumers billions of and the Financial Services Authority is taking steps to make sure they get that money back.
What the Controversy Is All about
In some cases, the controversy surrounding mis sold payment protection insurance
stems from the fact that a good percent of those policies were written on loans
and the consumer had absolutely no idea they were paying for payment protection.
In other cases, the salesperson may have misrepresented the cover by exaggerating the conditions under which payments
would be made on a loan. At other times PPI was sold to consumers who were self employed, temporary workers,
retired individuals over the age of 65 and even to pregnant women. All these
cases may be considered mis sold payment protection insurance and, if this
happened to you, you may be entitled to make a claim.
A 2006 investigation by the Financial Service Authority, exposed the issue
of mis-selling and opened the door for those affected to claim a
PPI refund. At the time of their
inital investigation; however, it is unlikely the FSA could have imagined the
mis-selling issue would grow to the scale to which it has. Since 2005, 1.5
million complaints have been submitted with figures continuing to rise.
Although many people have already successfully made a claim and received
PPI refunds it is thought that
may more people may be entitled to join them. If you you were given incorrect or
incomplete information, you were pressured into taking out cover or were sold a
policy you did not want or need you may have been mis sold payment protection
insurance and could be entitled to make a claim.
For help with your claim or to find our more about making a claim with the PPI
Claim Company call our team on 0207 471 2000.
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