With Christmas fast approaching, we’d all welcome a way to boost our bank balances in the New Year! For many, reclaiming mis sold payment protection insurance could be a way to do just that.
Millions of customers fell afoul of PPI mis selling. In fact the payment protection insurance mis selling scandal is now regarded as the largest of its kinds, even surpassing the pension mis selling drama of 1994, with lenders setting aside around £12bn to cover the cost of PPI claims.
The Financial Ombudsman Service (FOS) has even increased its workforce by 25 per cent to help deal with the number of claims received.
Payment protection insurance was mis sold in many ways to customers taking out a loan, credit card or mortgage. These included:
- Being told the policy was compulsory
- Having it implied the credit application would only go ahead if a policy was included
- Being sold a policy when you were not in full time employment
- Not advising of the limited circumstances in which self employed persons can claim
- Being sold a policy when you had a pre existing medical condition that would exclude you ever claiming under the policy
- Simply having a policy added without consent or knowledge.
If any of these poor sales practices occurred when you were taking out a loan, credit card or mortgage, you could be entitled to PPI compensation in the New Year. Contact us today to find out more.