There has been a large amount of controversy over recent years about payment protection
insurance (PPI), mainly as a result of overzealous brokers using unethical practices when selling it to clients. The term now used for this kind of activity is known as mis sold payment protection insurance or mis sold PPI.
In many instances of this mis-sold ppi, the loan companies would lie and explain to the potential loan borrower that they would not receive a loan without getting the PPI. This was of course a false statement and a measure to deceive. In these cases, the borrowers that did agree to buy the PPI were charged a greater priced policy than if they had purchased PPI on their own.
Other borrowers may not even realize they were sold a payment protection insurance policy. It might be a wise choice if you had received a loan or mortgage and were never offered PPI to check and see if you are paying for a policy you never agreed too.
We have a short list of questions to ask to see if you were mis sold payment protection insurance.
* Did the lending company tell you the policy was not optional, or did they suggest that the PPI cover was required in order to obtain the loan?
* Did the lender ask about your employment situation and whether you had any pre-existing medical conditions?
* Did the lender allow you to look into the policy terms and conditions before the close?
* Did the lending company ask you if you owned any other insurance that may cover such risks?
* Were you sold PPI while self-employed?
* Were you told of the limitations and which pre-existing conditions wouldn't be covered?
* Did the lending company advise you on the the total APR would be of your loan with PPI included?
* Lastly, if you did purchase payment protection insurance and tried to cancel it, were you denied?
In the event you responded yes to any of these questions it is possible that you may have a case to be able to file the ppi claims. There are numerous ways one can do this. You are able to contact specialists in the field that may help you with the claim. Many companies will do everything trying to obtain a fair settlement for you. You can also pursue your mis sold payment protection insurance claim by contacting the Financial Ombudsman and get the info required to file.