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How PPI Was Blatantly Mis-Sold.
On the face of it, the idea of a payment protection insurance (PPI) policy seems like a good thing. PPI is designed to help you cover your loan or credit card repayments in case you get into an accident, fall sick, become unemployed, or if you die.
Yet despite the apparent benefits of PPI, it may have been sold to you improperly. You may not have received all the factual information you needed, and you may not even be aware that you are paying for it. In essence, you may have even been sold a policy that was virtually useless.
PPI sellers are obliged to make sure that you fully comprehend the nature of the PPI policy and that it is the right policy for you. All insurance policies have exclusions, and you should have been informed all about them. Here are some ways by which you may have been improperly sold PPI:
You Were Told That PPI was Compulsory
Many complaints stemmed from the fact that many consumers were told that they had to buy PPI from the loan provider in order to qualify. This is an improper way to sell PPI, as every financial institution that subscribes to the Lending Code must never insist on selling PPI to its customers.
So you need to remember if the PPI salesperson did any of the following:
- Claimed or even implied that in order to qualify for the loan or to help in your loan application you had to purchase PPI from them;
- Would not allow you to continue with your loan application unless you agreed to the insurance policy as well;
- Was extremely insistent when pushing the PPI policy, so that you felt that you had no choice but to agree;
- Did not make it absolutely clear that buying the insurance policy was optional;
- Did not inform you of the “cooling off” period during which you can review the terms and conditions of the policy and you can cancel the policy if you want;
- Told you or implied that it would cost you more money if you refused the PPI.
If the salesperson did any of these things, then you were sold PPI improperly.
You Were Sold a Useless Product
There are several reasons why the PPI policy you bought was actually useless in your case. You may already have prior PPI through your work or through your partner. The PPI policy was not what you agreed to or the term of the PPI was shorter than the term of the loan, or if you were under the impression that it was a joint policy but it was in one person’s name only.
You were also sold PPI improperly if the policy included unemployment cover if it doesn’t apply to you. The unemployment cover is to protect you should you lose your job, and that doesn’t apply if you have a stable job.
Most PPI polices also exclude existing medical conditions. So if you have had any serious medical problems in the past, you may not qualify for the policy.
You Didn’t Even Know You Had PPI
Some people (especially those who took out a loan online) were not aware that they have been paying for PPI because the agreement had pre-ticked boxes and you had to opt out of the insurance.
If any of these situations apply in your case, then you may be due for compensation.