Within the last six years in excess of 2 million complaints have been registered regarding payment protection insurance. Of this number; however, only a relatively small percentage have been hire purchase payment protection claims. One possible reason for this is that many people are simply unaware payment protection was included with their agreement or they are not aware they are entitled to make a complaint.
Hire purchase agreements have risen in popularity in our credit led society as they enable customers to obtain expensive goods and stagger the cost over a period of months or years. Hire purchase agreements have become particularly popular in the motor trade. The agreements work in the same way as a loan and attract interest. If the customer fails to keep up repayment the vehicle can be repossessed. For this reason, payment protection insurance was considered a worthwhile product and began to be offered extensively alongside agreements. The main issue here is that many policies were not sold as they should have been and this resulted in many cases of mis-selling. If you are unsure whether you could be entitled to make a hire purchase payment protection claim, consider the following questions.
If you answered ‘yes’ to any of the questions above then you may be entitled to make a hire purchase payment protection claim.