Are You A Victim Of Mis-Sold PPI? - By: Gareth Hoyle1

Mis sold PPI has become a hot topic following an extensive investigation by the Financial Services Authority or FSA. As it has hit the headlines that more and more people were mis sold PPI policies the figures have soon mounted up. Perhaps one of the most concerning figures is that while only 18% of policy holders make a claim and, worse still, only 8% of these claims are successful, lenders have made approximately £5.5m a year in profits from the sale of Payment Protection Insurance.

Told Incorrect Information

There are many ways in which you could have been mis sold PPI. If you took out a store card, loan, or other form of credit agreement and were told that the term of the PPI was the same as the term of the credit but this turns out not to be true then you were mis sold PPI. Not only were you mis sold the product but you may also be left with no insurance and be forced to shop around for further coverage.

Given No Information Whatsoever

Store cards, loans, mortgages, and any other form of loan or credit agreement should provide details of any PPI that is included in their quote and this should be explained implicitly. You should not be forced to take out PPI in order to acquire the credit you seek and if you were not told about the insurance premiums being added to your agreement then this is another case of being misled.

Inappropriate Policies Sold

Perhaps the most flagrant mis selling involves selling policies to those that are clearly not suitable. PPI policies tend to have strict stipulations on the exact circumstances when you can make a claim. For example they usually have an upper age limit. They will not pay out if you were unemployed when you took out the policy and are unlikely to pay out if you were a student. Your PPI policy may not cover you if you were working part time either. If you were sold a PPI policy and the lender told you that you would be covered despite falling into one of these categories then you may have been mis sold Payment Protection Insurance too.

About the Author

Speak to an expert about whether you were mis sold PPI or not by calling Gladstone Brookes Ltd, the experts in PPI mis selling cases.

Article Directory Source: http://www.articlerich.com/profile/Gareth-Hoyle1/57594

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