Further Information: Loans
Top reasons why you may have been mis-sold PPI claims on loans:
- You were not told the true cost of the insurance policy including any interest payable. You were not told you were buying PPI at all. Potential reason for mis-selling: you should have been told in detail about the true cost of the policy
- You were told that the PPI was necessary for you to receive the loan. You were told that you stood a better chance of getting the loan if you took PPI. PPI should have been an optional purchase, it should not have affected your ability to get a loan. Potential reason for mis-selling: you should have been given the choice of having PPI
- You were not asked about similar insurance policies which may have already covered you, or been made aware that cheaper policies were available elsewhere. Potential reason for mis-selling: you should have been been asked if you were already covered.
- You had an existing illness or condition when the policy was issued. You were not informed that the policy would not cover certain health conditions, for example, mental health issues such as stress or depresssion and common muscular problems, such as backache. Potential reason for mis-selling: you should have been asked about your medical history.
- You were not asked if you were working less than 16 hours. You were working on a temporary or contract basis, or aware of potentially imminent unemployment and loss of income when you took out the loan as this would have made you ineligible for PPI cover. Potential reason for mis-selling: you should have been asked about your employment situation.
Do any of these reasons familiar? If you recognise yourself in any of the points above, or would like to query whether you’re entitled to compensation, you should give us a call and we will check if you’re owed a refund.
We’re experts in gaining compensation for our customers and we’re committed to making sure all customers receive fair treatment from lenders. If you’re owed money, our expert team will do everything possible to get it back for you.