Mis-sold Payment Protection
If you have taken out any kind of borrowing in the last ten years whether it was a mortgage, loan, credit or store card then you were probably offered some type of payment protection insurance. Payment protection insurance is a type of cover that protects a borrower if they are made involuntarily unemployed. It works by stepping in to take over repayments. The problem with payment protection is that it has a high number of exemptions and many people find they are unable to use the cover just when they need it the most. Added to this, thousands of customers have been mis-sold payment protection.
‘Mis-selling’ basically means that there was some failure during the sales process, it can vary from a policy being added without a customer’s consent to a customer being pressured into taking out the cover. Some further examples are listed below.
- The customer was incorrectly told they had to have the cover.
- The customer was incorrectly led to believe taking out payment protection insurance would guarantee or improve their chance of being given credit.
- The customer was unsuitable for the cover because they had a pre-existing medical condition, but was sold it anyway.
- The customer was unsuitable for the cover because they were aged sixty-five or over, but were sold it anyway.
- The customer was unsuitable for the cover because they were unemployed, retired or in full time education, but were sold the cover anyway.
- The customer was sold the cover without the full terms and conditions being explained.
- The customer was sold the cover without the full costs being explained.
- The customer was sold a single-premium policy, but was not told in may not cover the whole life of their loan.
If you believe you have been mis-sold payment protection insurance, you have the right to make a claim. So far, thousands of people have successfully made claims and you can join them. To get your claim pack, fill in the quick claim form above.