Financial regulation authorities in the UK have in recent times identified numerous breaches of the regulations concerning the selling of Payment Protection Insurance (PPI) policies with loans and other finance agreements. Certain banks and building societies have been found to have mis sold PPI policies to their customers.
More than one million borrowers in the UK may have taken inappropriate and unnecessary Payment Protection Insurance (PPI) when they entered into loan agreements. Sometimes people were sold insurance which was not appropriate to their circumstances such as insurance against loss of income being sold to someone who was not in employment. Sometimes people were not advised that they would be charged up-front for the insurance, and would therefore end up paying extra interest. This article explains how to identify if you have been a victim of a mis-sold PPI policy.
If you have been a victim of PPI mis-selling then you may be eligible for compensation. You can claim for compensation yourself or contact one of the many companies which specialize in making compensation claims on behalf of their clients.
You can check if you have a valid claim by reviewing the following questions. If the answer to any question is “no” then you may have a valid claim.
In cases where the PPI insurance was optional was this explained to you? Some PPI sellers have told borrowers that PPI insurance was compulsory, in effect saying that you wouldn’t get the loan unless you took out the insurance.
If the policy excluded pre-existing medical conditions then were you advised of that fact?
If the premium (payment) for the insurance was taken as a single up-front fee, then was that properly explained to you?
If you did make a single up-front PPI payment then were you advised that this would be added to the principal of the loan, and you would have to pay interest on it?
If you took out a loan or finance agreement for longer than five years were you advised that your single premium PPI insurance would expire after five years? In effect you would be left without protection for the rest of the life time of the loan, but you would still be paying interest on your PPI premium after the insurance had expired.
PPI claims specialists advertise widely in newspapers, and they list a number of major banks and building societies which have been shown to have broken the regulations with regards to PPI mis-selling. You may have a valid claim if you have been a victim of PPI mis-selling and you claim will remain valid for several years even after you have finished paying off your loan.
You can pursue a claim on your own, or you can employ a PPI claims specialist on your behalf. Specialist companies advertise widely on TV, in newspapers and can also be found using the internet. If you act as an individual then you can find out how to make your claim by following the advice in financial websites and print magazines. If however you choose to use a PPI specialist company then their customer advisers will help fill in the relevant claims documentation for you.
“Jason” wants me to claim for Payment Protection Insurance mis-selling. But as I am a retired East End villain, I think he wants to talk about Protection Money. I string him along for 10 minutes and he teaches me a lesson about the Righteous Path.
Caller’s company name:
First Call Contact Centre. I can’t find a web-site for this company and it isn’t listed at Companies House. Surely it isn’t a division of MadeUpName plc?
Scammer’s phone number:
Forgot to check.
Aim of call:
This caller is collecting information that he can sell to a Claims Management company. He is indirectly making money out of the people he makes unsolicited calls to.
How it works:
There is no doubt that many people did not notice, were not informed, or did not understand that they were paying their financial institution for PPI on top of their loan, mortgage or credit card. Those people can reclaim the money they paid for their PPI, plus interest.
The Claims Management company pursues a claim on the behalf of the “victim”, charging a substantial percentage of the repayment that they receive.
But making a claim for PPI mis-selling is easy — if you are a victim of mis-selling, you can make a claim yourself. There’s no need to involve a Claims Management company, and no need to pay them a penny. The Claims Management company will not do anything more than you would.
All the step-by-step information you need to make a free claim can be found here:
[I am not affiliated with this site, I’m just putting this link here in case anyone finds this YouTube page when they are searching for PPI information]
Information held by the company:
Initials and surname, phone number, street address and town.
Friendly, with overuse of the victim’s name. Jason uses the salesman’s tactic of letting the victim think they have “won” early on in the call (by pointing out the victim is joking around), and then carrying on with his sales pitch. He’s never going to be successful in this call though!
Video Rating: / 5