PPI Claim Back
In 2005 The Citizens Advice Bureau launched a super complaint regarding payment protection insurance. The complaint highlighted grave concerns the Bureau had regarding the cost of the cover and the way it was being sold. As a result of their complaint, the Financial Service Authority and the Office of Fair Trading launched their own investigations and several lenders were given substantial fines. Some of the issues highlighted by the investigations included a failure by some lenders to issue the correct policy documentation and to fully explain the terms of the cover. More general concerns were raised around the failure by many lenders to monitor sales and to put in place safeguards to protect customers from being mis-sold a unsuitable policy.
Many consumers were shocked by the findings of these investigations and the fact that, for many years, lenders had been ‘recommending’ cover that may not have been appropriate for a customer’s needs. Many people began to look into the sale of their own policy and there was a sharp rise in the number of people making a PPI claim back.
Part of the reason that the PPI mis-selling scandal has become a huge issue is, quite simply, because so many policies were sold. It is estimated there are currently twenty million active policies in the UK that have been sold alongside mortgages, loans, hire purchase agreements, store and credit cards. This means that if you were buying any product from a sofa to a house you may have been offered this product. Although it is not known how many policies may have been mis-sold, even if only a small percentage of the total sales are proven to be cases of mis-selling this is still a huge number of people who may be entitled to a PPI claim back.
If you are unsure whether your own payment protection policy was mis-sold, it can be helpful to think back to what you were told and the questions you were asked during the sales process. If you were not given full information regarding the cover, something you were told later proved to be incorrect or you felt under undue pressure to take out the policy you may be entitled to make a PPI claim back. To start your claim today complete our claim form.