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PPI Tesco

If you have a Tesco credit card or loan you may also have been sold a payment protection policy. Payment protection insurance, often known simply as PPI, is insurance cover that insures a borrower against involuntary unemployment. The cover works by stepping in to take over debt repayments and is commonly sold alongside mortgages, loans and credit cards. It is controversial, though, as it can be costly, often has low pay out rates and has been widely mis-sold.

If you have a PPI Tesco policy, but are not sure whether it may have been mis-sold the information below may help.

Were you given incorrect, incomplete or misleading information?
In order for you to make an informed decision whether you wanted to take out the payment protection cover certain pieces of information should have been provided including details of costs and terms and conditions. If you did not receive this information your policy may be considered mis-sold. Similarly if you were told something that later proved to be incorrect – for example that the cover was compulsory or would guarantee your approval for the loan. Lastly, your policy may be deemed mis-sold if you were misled regarding some aspect of the policy – for example if the salesperson overemphasised the positive benefits of the cover.

Were you sold a policy that was unsuitable for your needs?
Payment protection insurance is not suitable for everyone. Some people may not want or need it while others may be ineligible for the cover. If you are unemployed or in full time education, for example, an insurance policy that covers for loss of employment would be of little value to you. Similarly, if you already had a policy in place elsewhere. Unfortunately, failures in the sales process meant that many people were ‘recommended’ PPI who had no need for it. In the worst of these kind of cases customers who were ineligible to use the cover were sold policies. This includes many customers over the age of sixty-five who should not have been offered the cover because of age restrictions on policies.

To find out more about making a PPI Tesco claim or a PPI claim against any other lender call our claims team on 0207 471 2000.

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