Payment protection insurance (PPI) was mis-sold to thousands of
customers - and you could be one of them!
It is an insurance policy that was meant to protect repayments
on a debt in the event that you were unable to pay due to loss of
income. This could be as a result of being too ill to work, or
being made redundant.
But it was mis-sold to people for all kinds of reasons and, if
you are thinking of claiming PPI compensation, you need to know
what these reasons are. We can of course, help you with this or why
not browse our handy list?
Age
Age has a bearing on whether you were covered by PPI or not. In
many ways, the policy was quite prescriptive. If you were under the
age of 18 or over the age of 65 at the time the policy was sold to
you, you have a claim. This is because the policy does not cover
anyone outside of the age range 18 to 65.
Employment status
If you were retired, worked part time, a student or were
self-employed when the PPI policy was sold to you, you will have a
claim for PPI compensation.
In most cases, the policy covered people who worked full time,
usually classed at working 30 hours + a week. There were specific
conditions relating to making a claim if you were self-employed and
in most cases, people were not made aware, for example, that in
order to have a potentially successful claim, you would need to
close your business.
Impressions
Some people bought their loan or credit card online, but other
people applied for their products in the bank or office of their
lender etc. It may be in these cases, that customers were given a
certain impression...
- You were given the impression that buying PPI was compulsory-
it certainly wasn't! Banks sometimes hinted to customers that
buying the policy was a way of protecting themselves and it was a
great move. It may have been but you still didn't have to buy
theirs.
- You were given the impression that shopping around for a better
policy at a better price was not an option- only their PPI policy
would do...
- You were given the impression that by buying PPI, your
application was more likely to be successful- another common trick
but that is all it was, a trick. The decision whether to lend money
to a customer should be based on objective factors, such as credit
scores etc. and not whether they buy another policy or not.
Claim PPI compensation with the help of PPI Scotland. Call for a
no obligation chat today!