By now you have almost certainly heard of PPI in adverts, in the
newspapers or on TV. PPI is a type of insurance for mortgages and
credit cards that was often unfairly added, sometimes without the
buyer's consent. If you were mis-sold PPI you could be owed
thousands of pounds. How do you know if you had PPI?
- Find your loan or credit card agreement.
- Search for any of the following words: "PPI", "payment
protection insurance", "payment cover", "protection plan", "loan
protection", "ASU" or "loan care".
How do you know if you could have been mis-sold
PPI?
There is nothing wrong with PPI itself; however, it was very
commonly sold to people who didn't want it or didn't need it.
Answer the following questions to find out if you can make a
claim:
- Were you told about PPI?
- Did the advisor tell you about exclusions for pre-existing
medical conditions that are listed that affect you?
- Were you told when you took your loan that you would have to
pay for PPI up front in one single payment?
- Were you informed that the cost of PPI would be added to your
loan and that you would pay interest on it?
- Was your loan longer than 5 years? If yes, did that advisor let
you know that your payment protection insurance would run out
before this time?
- Were you told by your advisor that you would continue paying
interest on PPI even after it expired?
- Were you told that you didn't have to agree to PPI to get the
loan?
If you answered "NO" to any of the questions then you are likely
to be eligible for compensation for your PPI purchase!
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