Were you mis-sold PPI?
Did the sale of your payment protection insurance follow the rules? Here's how to work it out, and what to do about it.
There are clear rules that firms and advisers have to follow when selling payment protection insurance (PPI) policies.
Checklist
If you can answer 'no' to one or more of these questions, then you may have been mis-sold PPI.
Optional Did the adviser make it clear that the insurance was optional? (if this was the case)
Exclusions Did the adviser tell you about any significant exclusions under the policy – for example, the exclusion that says you won't be covered for any pre-existing medical condition?
Paying for insurance up front If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the insurance up front in one single payment?
Borrowing to pay for insurance If you had to pay for the insurance as a single payment, did the adviser make it clear that the insurance cost would be added to the loan and you would be paying interest on it?
Insurance that runs out If the term of the insurance was shorter than the term of your loan or finance agreement, did the adviser make you aware of this?
If you don't think you've been mis-sold
If you did take out PPI knowing all the pros and cons, then you probably weren’t mis-sold. That doesn’t mean you have to keep the PPI if you are now having second thoughts. Think about in cancelling the PPI in favour of better protection.
Feedback
While we aren't able to help or advise in individual cases, do let us know how you get on with making a complaint. Your experiences and feedback are vital to help us improve this site with the latest, most useful advice.
There are approximately 20 million policies already in force with annual gross premiums in excess of £5 billion. Premiums for PPI policies can add anything from 13% to 56% (CAB research) or more...
Were you mis-sold PPI?
Did the sale of your payment protection insurance follow the rules? Here's how to work it out, and what to do about it.
