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PPI Misselling Claims

PPI Misselling claims were projected to reach record numbers, but no one foresaw just how high those numbers would rise. As a result of so many claims against lenders, especially banks, financial institutions are significantly increasing their workforce by at least 6,000 workers in the UK. Even so, payment protection insurance claims are being approved in ever increasing frequency.

Why So Many PPI Misselling Claims?

Nobody know why their have been so many cases of mis-selling, but it seems that the whole lending industry, to varying degrees, was guilty of mis-selling policies. Part of the reason that mis-selling was so widespread is, undoubtedly, that policies were sold on such a widescale. PPI was attached to many different types of borrowing including: loans, mortgages, hire purchase agreements, store and credit cards. This mean if you were buying anything from a house to a sofa you may be offered the cover. This also means that the cover was sold by a wide variety of sales people from financial advisors to call centre staff to shop assistants. Where insufficient training was given this could clearly lead to significant problems and it is the likely cause of many PPI misselling claims. Many commentators have also criticised the actions of some lenders regarding the sale of PPI as many pushed sales by offering high rates of commission or setting aggressive sales targets. The good news is that if you were mis-sold a policy you can make PPI misselling claims and may be entitled to payment protection refunds.

How was the cover mis-sold?

There are a number of different ways in which a PPI policy may have been mis-sold, but, in general terms, it can be split broadly into three different catagories:

(i) The customer was told something that was incorrect, incomplete or misleading.

(ii) The customer was sold a policy they did not need or could not use.

(iii) The policy was added without the customer's knowledge.

If you believe you may be entitled to make PPI misselling claims, call 0207 471 2000 and speak to a member of the claims team.

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