If you have taken out finance in the past, whether it is in the form of a credit card, store card or a personal loan, you may be eligible to claim against mis-selling.
This is because PPI was added to a large number of these policies without the knowledge or consent of the applicant or following misleading information. If any of the following situations apply to you then you could have been mis-sold the insurance and should contact us to discuss your options.
Use our Free Check service to find out whether you have PPI on any of your borrowings.
Did the salesperson add PPI to your loan or credit card without you requesting the cover?
The salesperson may have described the loan or credit card as “protected” or indeed may have just failed to mention the insurance at all.
Was it implied that taking out a policy was compulsory or by taking it your chances of obtaining finance would be increased?
If answering “yes” to this question, the salesperson selling the policy may have mis-informed you.
Did the salesperson fail to inform you that the policy was optional or that cheaper cover could be purchased elsewhere?
It should have been explained to you that this policy isn't mandatory and that it can be purchased from outlets other than that of the lender. If this did not occur then it was likely to have been mis-sold.
Were the policy exclusions, such as stress related illness and back problems, not explained to you?
When purchasing insurance, policy exclusions should be fully explained to you either verbally or as part of the written policy. If they were not, then you were likely to be mis-sold the policy and are entitled to a refund. Often when PPI was sold over the telephone, the salesperson neglected to cover all of the exclusions before finalising the sale.
At the time of taking out the cover were you self-employed, unemployed or retired?
These policies generally did not cover these situations. If they applied to you when you obtained the insurance you would likely have been unable to claim, rendering the insurance void.
Did you have a medical condition or an illness when you took out the cover that could have kept you from working?
If yes, you would likely not have been eligible to claim on the cover either.
Did you purchase PPI to cover a long term loan but the insurance sold to you covered a much shorter period which was not explained to you?
If yes, it should have been explained to you that PPI only usually covers the borrower for a period of 1-2 years which may have made the policy unsuitable for those with longer loan agreements.