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Tesco mis sold PPI

In 2006, Tesco entered the banking sector embarking on a joint venture with Bank of Scotland. The partnership was short-lived and Tesco quickly bought out Bank of Scotland’s shares. The venture itself was; however, successful making significant profits in the first year. Tesco now provides loans and credit cards as well as a range of insurance products.

Although Tesco is a relative newcomer to the banking sector it has been unable to avoid becoming caught up in the loan insurance scandal. Loan insurance, often known as payment protection cover, is an insurance product that insures a borrower against loss of employment. It is commonly sold throughout the financial market attached to loans, credit cards, mortgages, store cards and hire purchase agreements. The issue with the cover is that, in the past, sales have not always been very closely regulated by lenders and many customers have been sold policies they did not want, did not need or could not use.

If you have Tesco mis sold PPI you could make a PPI claim and receive compensation. The number of customers making PPI claims has risen dramatically in recent years after investigations by the Financial Services Authority and the Office of Fair Trading revealed widespread issues with the sale of the cover.

There are many different ways in which a payment protection policy may be mis-sold, but, as a general rule, mis-selling usually involves some kind of failure by your lender. This may be a failure to provide full or accurate information or a failure to correctly evaluate your suitability for the cover. Your cover may also be considered mis-sold if you felt under pressure to take up the cover or it was added without your knowledge.

You can start your Tesco mis sold PPI claim today by calling our team on 0207 471 2000.

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