Most days PPI News can be found in the daily news papers, regarding the mass PPI mis-selling scandal.
Although it’s been revealed that potentially millions of people have been mis-sold the controversy cover, the latest PPI news is surrounding claims that have been submitted by those that have not checked their financial history, which are then proving to have no PPI and their claim rejected.
For hose wishing to make their claim as straight forward as possible, it is important that they take the time to review their accounts and paperwork for all the details.
What is PPI?
PPI, otherwise know as Payment Protection Insurance, is a type of cover on loans, credit cards and mortgages. Over the last decade it’s been revealed that this type of insurance was massively mis-sold. Many of those that took the cover found it was useless when they need it, others didn’t even know if had been added.
PPI was also a costly cover and many people were told that they had to take it to get the loan or credit card accepted. While others felt that they were pressurised into taking the cover.
Was I Mis-Sold PPI?
There are several ways you can tell if you were mis-sold PPI. Firstly, look at the original Credit Agreement. This will tell you if you have the cover added to your loan, mortgage or credit card. This will also tell you relevant details such as lender and policy details which can also speed up the process.
Secondly think back to the time when you took out the agreement. Were you told PPI was to be added, were you told you had to take the cover or did you feel like you had to take PPI, even if you didn’t want too. These may all be cases of a mis-sale of PPI.
Are there Other Reasons for Mis-Sold PPI?
There are several people who should never have been mis-sold PPI in the first place, such as those working in the public sector or armed forces. Those who were also self employed at the time also should never have been sold PPI.
The sales person should also have made sure that if you were buying PPI, you didn’t have any pre existing medical conditions that prevent the cover from paying out.
Trying to find out this kind of information will make the process much quicker, however don’t worry if you cant find it all, claims companies are able to find this out directly from the bank, it just might take a little longer.