PPI Mis-selling - Background
Which Lenders Were Guilty of PPI Mis-selling?
Lenders who mis-sold Payment Protection Insurance (PPI) with personal loans include all the major UK banks, building societies & lenders. If you have a live loan, or any loan that was paid off after 06 April 2007, it is likely that you were a victim PPI mis-selling under one of its official names: Accident Sickness & Unemployment Protection, Loan Payment Protection, Mortgage Payment Protection Insurance or Credit Card Repayment Protection. Lenders have since been fined by the FSA for systematic PPI mis-selling.
How PPI was Mis-sold to Consumers
Lenders regularly made more money from the PPI policy than they made from the loan itself. This resulted in staff being incentivised to engage in PPI mis-selling. PPI was often made to appear compulsory to customers - a condition of their approval for the loan. The lenders assumed that their customers did not understand the concept of PPI, and this lead them to use other unacceptable sales techniques, such as hinting that by taking out PPI you would increase your chances of being accepted for the loan.
It is these sales tactics on the part of the lender that are at the core of PPI mis-selling and other such claims. If it was not clearly explained to you that you were buying insurance, borrowing to fund it, or if the terms of the loan were not clearly laid out, you will have a legitmate claim for PPI mis-selling.
Reaction of Watchdogs to PPI Mis-selling
The sale of PPI policies has been widely criticized and deemed unethical by financial and consumer watchdogs. The Financial Ombudsman Service (FOS) has found that PPI was systematically mis-sold to millions of people. In October 2009 the Financial Services Authority (FSA) ordered 185,000 rejected PPI complaints to be reopened by the lenders. The Citizens Advice Bureau (CAB) have called the sale of PPI a 'Protection Racket', after finding that 85% of PPI claims by customers were rejected by the lender.
Get Your Mis-sold PPI Claim Started
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Send Basic Loan Details
Send us the basic details of your loan using our form and we will call you back.
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Instruct Bartletts - The PPI Specialists
If your mis-sold PPI claim is valid we will aim to recover all your PPI with interest.
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The Reclaim Process
PPI claims last about 4 months. By using a solicitor you will receive maximum compensation with a minimum of fuss.