What is Mis Sold PPI

[kevinukms]

I have been reading some where about the payment protection insurance since I am just working with some project related to payment protection insurance and claims.

The one thing I can't understand while reading the contents that "if your payment protection has been mis sold to you then you can claim it back"

Can some one explain it to me that what is mean by Mis sold payment protection insurance in the simple words?

[leclerc]

Re: What is Mis Sold PPI

Kev, the first reference you need with regards to PPI is the FOS
online PPI resource

If something is sold to you or rather missold then you have been effectively conned of money. That means that you have the right to be refunded the money you have paid plus interest on the money(many providers will give interest at 8% which is the discretionary amount payable in civil court).

[di30]

Re: What is Mis Sold PPI

Hi and welcome.

Payment Protection Insurance (PPI), also known as other names LPI, PPP etc.

You are correct in stating that you can make a reclaim on the above if the product was mis sold.

Check out the link that leclerc have posted and more details on here:
http://www.legalbeagles.info/forums/...ad.php?t=10645

There are many reasons for being mis sold the product, for example:

Maybe you were pressurised to take the product out with your loan/credit card/store card/catalogue/car finance.

Maybe it was added without your knowledge.

Or an existing medical condition - when taking out the policy where-as you could not make a claim for this actual condition if you suffered that condition at the time of taking out the finance.

The list is endless.

There is another known as a Single PPi policy, for example:
A loan for over 20 years, but the PPI only protects for 5 of those years, so your not protected for the remaining of the 15 years, but you would still be paying for the product within your loan, and these are also paid upfront within the loan.
These are frowned upon and many are successful in reclaiming this type of policy back.

Of course, some insurances are worthwhile, such as for example a standalone policy to protect your payments, for instance if you become sick/unemployed etc and usually work out cheaper than the ones sold within the loan itself, but its always best to check if your eligible before agreeing to accept.

We all know its best to be protected, but if you have reasons for being mis sold, this could be on a settled or an active ppi, then give it a go.

[Angry Cat]

Re: What is Mis Sold PPI

In some cases PPI may have been mis-applied, as opposed to mis-sold.