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“I Agreed to PPI, can I Still Claim?”

Many people worry about claiming compensation for payment protection insurance that was mis-sold to them. In many cases, people tell us theyfeelthey agreed to it and thus, would not be entitled to their money back.

But, there are cases where people have claimed back every penny, even though they agreed to buy the policy in the first place…

  • The information you did - and did not - receive

When we are sold an item or product by a sales or bank representative, there are certain key factors that take place that means, we effectively buy a product in "good faith":

You may not have been made aware of some of the exclusions - for example, the medical conditions that the PPI policy covered were fairly limited. It did not, in the majority of cases, cover an existing medical condition end excluded others, such as back problems and mental health issues.

  • Knowing this know, you may feel that the policy was not right for you.

The impression it cast a better light on your application - this is something we hear from customers who tell us that they agreed to the policy being added to their loan application.

Some customers struggle with their credit rating and acquiring enough of a deposit etc. when it comes to mortgages and the like. The fact that by buying another policy alongside your main loan may mean the difference between being lent the money or not, most people opted for buying PPI…

  • You had to agree… - and thus many customers who were 'sold' PPI basically felt that they had to agree.

In some cases, customers already had insurances that covered them in the eventuality they had a dip or loss of income BUT, the banks sometimes gave the impression this was not enough. Hence, even though you agreed to PPI, you were actually buying a duplicate policy. Not only that, the policy was expensive for the little cover (if any!) that it offered you.

Apply for loans, mortgages etc. is an emotional decision - and many sales representatives, spurred on by your emotions and keeping an eye on their handsome commission with each PPI sale they made, effectively failed to tell you everything that you needed to know to make an informed decision.

They kept quiet on the bits that would have seen you falter in buying the policy…

Abuse of trust?

Possibly for many customers trusted their banks wholeheartedly, assuming that as they had banked with the same bank for decades, that they had their best interests as heart. But, like all businesses, banks and lenders are guided by profits.

Payment Protection Scotland can help in your quest for PPI compensation, even if you did agree to buy it. Contact us to find out more!

 

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