Mis sold PPI explained

Normal 0 If you have taken out any sort of credit – a loan, mortgage or credit card, for example, you might have also been advised to take out payment protection insurance. Are you aware of the fact that many ppi policies are mis sold to people in the UK on a yearly basis. The Competition Commission has now banned PPI at the point of sale so thankfully this product can no longer be mis sold (we hope!).

PPI mis-selling has been rife, and many people do not even realise that it has happened to them. So, what are the factors that would mean that you have been mis sold payment protection insurance?Well, there are numerous factors that would mean that you have been wrongly sold payment protection insurance.

So how do you know if you have been missold payment protection insurance? One thing that you should think about is if you were told about your ppi policy or not. If you were one of the many people who were not informed that they were paying for ppi then you could have reason to claim for compensation. Another thin that you need to think about is whether or not your policy was fully explained to you.  If your policy was not explained to you fully then you could be entitled to compensation. Maybe you are one of the millions of people who was sold a ppi policy that wasn’t right for them at all. Or maybe you were not informed of any exclusion clauses that could affect you. If any of these things have happened to you then you have every reason to claim for compensation and it is important that you look into it further.

If you want to claim for compensation on wrongly sold payment protection insurance then there are a couple of things you could do. You could either try to draft a letter to the lender yourself or you could use a claims company. The good thing about these companies is that they know how to get you the maximum compensation. Many of these ppi claims companies do not charge upfront fees so it could be a very wise idea if you want to claim for compensation.