According to statistics, close to 70% of the population in the United Kingdom have PPI complaints. Therefore the realization of having been tricked and mis-sold a payment protection insurance policy is quite alarming. Mis-selling of PPI policies is a practice that is still going strong in the UK due to the undying efforts and hard work of the unscrupulous sellers and financial institutions. Irrespective of whether an individual qualifies for it or not, the seller pushes and convinces them to buy the policy. A lot of times, the customers or loan applicants aren’t even aware of the fact that they possess a PPI policy because the same has been slyly slipped into the fine writing section.
Because of the widespread practice of PPI mis-selling, it is advisable to all the individuals in the United Kingdom to be aware of how to determine whether a PPI policy has been mis-sold or not. There are many questions that can help determine the answer to the question “Do I have a mis sold PPI?” First things first, if at the time of selling of the insurance policy, the salesperson concealed the fact that the PPI policy is optional then it means that you have a mis sold PPI and you have full rights to make claims for it.
If you weren’t told about the fact that the PPI cost is being added to the total loan amount that you had borrowed and you need to pay interest on both then it is a case of misspelling once again. It is also a case of mis-sold policy in case your adviser had not informed you about the fact that your insurance will run out before your loan expires. All PPI policy applicants have to be informed about the fact that the exclusion does not provide coverage for pre-existing medical condition. If you do not have a clue about this as you weren’t told then the sellers are guilty of misspelling the policy to you.
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