Payment protection insurance was mis sold in many different ways, from lenders misleading clients into take out a policy to automatically adding it their credit agreement. However there was one group of people who frequently fell foul of payment protection insurance mis selling – the self employed.
One of the selling points of payment protection insurance was that it protected the customer should they become unable to meet their repayments either due to redundancy, illness or an accident.
However the holder could only make a valid claim against the policy if they were in full time employment. This would mean anyone who is self employed, retired, working part time or unemployed is paying for a policy that is all but useless.
It is imperative that your lender enquired about your employment status when you took about the credit agreement and PPI policy. If they didn’t or if they did but then failed to fully explain the implications this would have on making a claim, there is a strong chance you could be entitled to compensation.
PPI Return could help you recover the premiums you have paid for the policy plus interest. We have already retrieved over £20m in compensation^ for people mis sold payment protection insurance and may be able to help you too.
Click here to find out if you could be entitled to compensation of mis sold PPI.