PPI Mis Selling
Payment Protection Insurance (PPI) has been included in a wide range of loan and credit card agreements over the past 20 years. It was intended as a failsafe option for customers to help them make repayments in difficult circumstances. If a customer suffered from a sudden loss of income or downturn in health they could call upon the PPI to help them make their payments.
However the strict rules relating to PPI meant that only certain customers were suitable for the product. Unfortunately, this did not stop banks and lenders from selling the product to those who did not strictly quality for it. Those who were sold PPI despite not requesting or requiring it were the victims of mis selling.
PPI has been wrongly included in many agreements with customers who were not eligible for it. PPI would normally be sold to only those who were in full time employment. Those who were not in full time employment at the time of making the agreement were often Mis Sold PPI. These customers may be entitled to claim significant PPI Compensation. Those in full time education did not and do not quality for PPI.
Furthermore, people who had significant problems with their health would not have been suited to a PPI policy. If the customer suffered from a significant health problem when sold PPI, they may be entitled to claim significant PPI Compensation.
Banks and lenders found guilty of selling PPI are potentially liable for a PPI Compensation Claim.