Back in May, the PPI scandal was revealed which brought to light the aggressive sales tactics of banks in the United Kingdom. The PPI scandal was not limited to just one bank but rather numerous UK banks after many people who had been duped into taking out payment protection insurance took measures to claim PPI back. The mis-selling of insurance is said to date back ten years and during this time thousands of people were sold a form of insurance that was neither wanted or required.
How Was PPI Mis-sold?
PPI policies have been sold alongside loans, credit cards and mortgages ever since the 1990’s. Originally meant to be a form of protection for the borrower, they were supposed to be a failsafe plan in case the borrower was put into a situation which led to them being unable to repay their monthly payments. However during the mid noughties, banks began to see the profit that was possible with PPI policies and so started to sell PPI to people that did not need it. From then on, the majority of people who were sold these policies did not need them and so are now well within their rights to try and claim PPI back.
How You Can Claim PPI Back
If you want to claim PPI back you will need to speak to your financial provider or to a PPI expert who can speak to your financial provider for you. If you fall into any of the categories below you are well within your rights to try and claim PPI back.
- If you were unemployed or retired when you took the policy out
- If you were self-employed when you took the policy out
- If you were told you would only be accepted for a loan, credit card or mortgage if you took the policy out
- If you were not even told about the policy and it was taken out without your knowledge
Recent rulings have forced the banks to start paying back mis-sold PPI and even cases which date back a decade have been re-opened. So if you think you have been a victim of PPI, contact a PPI expert and work with them to re-claim PPI.
Author Bio:-
With so many payment protection insurance policies being mis-sold during the last decade it is likely that you will be successful if you attempt to claim PPI back.