Payment Protection Insurance; in theory it looks like a great idea but in practice it has caused more complaints than Lenders had wanted. Mis-selling has become a common occurrence and Lenders are beginning to receive more and more complaints. However there has been a positive success rate which means thousands of mis-sold consumers are getting their money back!
There are common factors which the Payment Protection does not cover people for, yet Lenders are failing to carry out fact find and needs assessments with consumers to ensure that they qualify for the insurance.
The easiest way to check if you could have been mis-sold is against the checklist below:
Please note; it is also a good idea to request a copy of the agreement from your Lender, if you do not already have a copy at hand. (This can be requested for the fee of £1 under the Consumer Credit Act)
- Were you told what you were being sold? Did you understand what you were agreeing to?
- Were you self employed, unemployed or retired?
- Have you had any medical problems in the past? Were you asked about your medical history?
- Were you aware stress and back problems were not covered in the insurance policy?
- Has your Lender already been found to have been mis-selling PPI or even fined for it?
- Did you have any other means of making repayments if you were off work due to sickness or accident?
- Did you have any other existing insurance that covered you for being off work?
These are just a few of the common features of mis-sold PPI, if you feel that you may have experienced any of the above then you should make a complaint to your Lender.
Alternatively here at Q & A Law we are a group of qualified solicitors who represent clients who have a valid claim against the lender. You can phone in or email at our web address, or book a free consultation with a qualified solicitor.
Recently we have had successes from Blackhorse, Lloyds TSB, Welcome Finance, Nationwide, Santander and Loans.co.uk to name but a few.
