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Tesco Loan Insurance

Mis sold payment protection has repeatedly made headlines over the last five years as the full scale of the mis-selling scandal has been revealed. There have been several high profile investigations, fines and, most recently, a High Court review – but what constitutes mis-selling and do you have the right to make a PPI reclaim?

The term ‘mis-selling’ covers a significant range of failures connected with the sale of payment protection cover. Put simply, it means that the policy was not sold in the correct way. Some specific examples of mis-sale are below:

Failure to provide full information
When you took out your policy you should have been made aware of the full times and conditions of the policy as well as all costs. If you did not receive all this information your Tesco loan insurance may be considered mis-sold and you may be entitled to make a claim.

Failure to provide accurate information
The salesperson who sold you your payment protection policy should have provided you with accurate information regarding the insurance. If you were told that the cover was compulsory, for example, or that it would improve your chances of your loan application being approved you were given the wrong information and could be entitled to make a claim.

Failure to adequately assess your suitability for the cover
Not everyone is suitable or eligible for payment protection cover. If, for example, you are retired or in full time education you would not require a PPI policy as it insures against loss of employment. Similarly, if you are sixty-five or over you may be ineligible for cover under this type of insurance. Because of a lack of training and understanding of the product some customers were sold policies despite being unsuitable or ineligible to claim.

To find out more about making a Tesco loan insurance claim call 0207 471 2000.

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