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Yorkshire Bank PPI Complaints

If you have taken out a loan, mortgage or credit card with Yorkshire Bank in the last ten years it is possible you may also have taken out a payment protection insurance policy. Payment protection cover is controversial not least because it has been frequently mis-sold and, as a consequence, there has been a significant increase in the number of Yorkshire Bank PPI complaints.

‘Mis-selling’ means, quite simply, that you were sold a policy that you didn’t want, need or would be unable to use. It can also be expanded out to mean you willingly purchased the policy, but later discovered that the information upon which you made that decision was flawed in some way. Some examples of mis-selling are below.

The customer was unemployed, retired or in full time education when they were sold the cover
Payment protection cover is designed to cover the borrower for loss of employment. It is not appropriate for someone who does not have a full time job and should not have been offered.

The customer was sold the policy without the full costs being explained
Payment protection insurance can be very expensive. On a loan it generally costs between 13-25% of the base loan amount. This means if you take out a loan for £10,000 you may expect to pay in the region of £1,300-£2,500 for the insurance. The cost of the PPI will be added to the loan, significantly increasing the overall debt and incurring interest at the same rate as the base loan. If the costs were not made clear to you your policy may be considered to be mis-sold.

The customer had cover in place elsewhere or was in stable employment with entitlement to full sick pay
Your lender should have assessed your situation before recommending the payment protection cover to you. If you already had an existing payment protection policy or were entitled to full sick pay from your employer you may have been an expensive policy you didn’t really need.

To find out more about mis sold PPI and making Yorkshire Bank PPI complaints call our team today on 0207 471 2000.


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