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Yorkshire Bank PPI

Payment Protection Insurance or PPI is the most complained about financial product in the UK. Despite heavy criticism from the media and The Financial Services Authority and in excess of 1.5 million customer complaints many lenders continue to sell the cover. We examine whether all PPI cover is bad, how it should be sold and what to do if you think your policy was mis-sold.

Yorkshire Bank PPI and Payment Protection Cover sold by banks and other lenders is not an intrinsically bad product. For many people it provides an effective financial safety net in the event of involuntary unemployment, sickness or accident. The issue with PPI is it is not suitable for everyone.

There are a number of key reasons why Yorkshire Bank PPI and PPI sold by other lenders may not be suitable for your needs or why you may be ineligible for cover.

Payment Protection Insurance can be expensive and some people may feel they do not need it. If you are in a stable job, for example employed by the civil service, and are entitled to full sick pay and life cover as part of your role PPI may prove to be an unnecessary expense. Similarly, many people already have a similar policy and cover elsewhere meaning they have no need for Payment Protection cover.

If you are in full time education, retired or unemployed Yorkshire Bank PPI is unlikely to be suitable for your needs. This is because PPI is designed to cover for loss of employment. If you do not have a job you, obviously, would have no need for this type of cover.

In addition to those who may have limited or no use for PPI are those who are ineligible for the cover. Most PPI policies have age restrictions meaning they do not offer cover to customers above a certain age, usually 65. This is because, in insurance terms, older customers are often viewed as being higher risk. Similarly, many policies do not offer cover to customers with serious pre-existing medical conditions.

Payment Protection Insurance can, therefore, be a valuable insurance for many customers, but it is not a ‘one size fits all’ cover that is right for everyone.

If you believe you were sold Yorkshire Bank PPI that was unsuitable for your needs it is possible your policy pay have been mis-sold. If your policy was, in fact, mis-sold you could make a complaint and receive a PPI refund.

In order to receive a refund you must prove your policy was mis-sold. As above, this may be a simple case that you should never have been offered the cover in the first place, but many people do not realise their policy may also be considered mis-sold if their lender failed to give them adequate and full information regarding the cover. If your lender did not outline the full costs, for example, or explain the terms and conditions of the insurance this may be considered mis-selling. Similarly if your lender gave you incorrect or misleading information – for example that taking our PPI was compulsory or would improve your chance of being given the loan – this could also be regarded as mis-selling.

For more information regarding mis-sold PPI call the claims team on 0207 471 2000.

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