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PPI Misale

The issue of mis-sold PPI has gained a lot of publicity in recent years. Many people are still unsure what it or PPI misale are.

PPI stands for payment protection insurance and it is a type of insurance cover that is designed to protect a borrower in the event they cannot work as a result of accident, illness or involuntary unemployment. The insurance works by stepping in to take over repayments. It is sold alongside a variety of financial products including loan, mortgages, hire puchase agreements, store and credit cards.

Payment protection insurance can be a very valuable product, but it is not suitable for everyone. The term PPI misale can be used to describe a number of different failures associated with the sale of cover. Some common examples of the way cover has been mis-sold include where customers have been told they have to have the insurance or that it will improve the chance of their loan being approved. Other examples of PPI misale include customers not being given adequate information regarding costs or terms and conditions or being told the cover would cover circumstances it would not.

Another type of mis-selling is where a policy is sold to a customer who does not need it. Reasons you may not need payment protection insurance include if you are are in secure employment or are entitled to full sick pay from your employer. Other instances of PPI misale have occured where a policy has been sold to someone who is in full time education, retired or unemployed. Why would someone who is not employed need cover to protect them against loss of employment? In the most extreme cases some customers were sold policies they were ineligible to use. Reasons you may be ineligible for cover include being self-employed or over the age of sixty-five.


If you think you may have been a victim of PPI misale you are probably keen to know how you can claim back PPI payments made to the company who sold the payment protection insurance. In some instances of PPI misale claiming back bank charges occurs when a bank signs a client up for PPI without consent. The main thing when trying to reclaim money lost in the PPI scandal is that you have to prove you were mis sold loan protection, loan insurance, or payment protection. One of the ways in which payment protection was sold that would constitute PPI misale would be if the lender did not inform the applicant at the time of application that payment protection was optional. Another reason could be if when applying for a loan the applicant was told that if they did not sign up for payment protection then the loan will be denied.

If you were the victim of PPI missale, take the time to consult the claims team at Belmont Thornton. Just sale 0207 471 2000.

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