How Do I Know If I was Mis-Sold PPI?

With the growing press coverage on the payment protection insurance (PPI) scandal that has rocked the financial sector and affected hundred of thousands of individuals, there are still an equal number of people who were sold PPI, but may not even know they were sold PPI, let alone mis-sold the product. 

So how can you find out if you have been sold or mis-sold PPI? Key to starting your investigation is to look at all historical documentation and the details of the financial package or loan you took. Investigate the APR you signed up to pay and read the small print to see if there is any mention of loan insurance, payment protection, mortgage protection or other terms for the bolted on contributions.

 At this point, the start is to check firstly whether you were informed that on top of the loan you would be signing up to the payment protection insurance. If you were not informed that the loan included some form of loan protection or payment protection, then this is a clear case of the bank or financial institution not disclosing that you were also signing up for protection. 

Another critical factor to consider is this – you’ve completed the loan term, you never needed to call on the protection so where is the problem? The problem lies in the fact that if you were mis-sold PPI, you not only completed all the repayments but you also paid significant monthly or upfront contributions to a policy that would have given little if any cover. 

Why would PPI not have helped me? Banks and lenders often failed to disclose all exclusions that PPI policies carried. They also failed to gather the relevant information leading to tens of thousands paying into a package that was of no benefit to them. Those mis-sold PPI include the self-employed, those approaching retirement or actually retired and anyone suffering from a long term illness. Take the last example as a case study – let’s assume Mr T was paying not only for a loan but also PPI and suffered from a long term illness that could at any point impact on his ability to work and keep up with his repayments. If the bank did not disclose that, as Mr T suffered from a health condition, he would be excluded from any potential or security from PPI, then Mr T was effectively mis-sold PPI.

Hopefully Mr T completed the loan but never needed to call on the policy and is today in very good health. However, Mr T paid unnecessarily for an ineffective policy and should look to reclaim PPI contributions and gain compensation. 

Claim Back Your Mis-Sold PPI Today 

If you were sold PPI in the last ten plus years, you may well be eligible to make a claim for mis-sold PPI. Even if your loan is completed or ongoing, you may have been sold an ineffective policy and contributed to a policy that had little to deliver. Contact our team of PPI claim specialists today on 0800 8777 8888.   

Content correct at time of publication