About PPI Mis-Sold
Was your Payment Protection Insurance (PPI) policy mis-sold to you?
If your PPI was mis-sold to you then allow Direct Financial Reclaims to assist you in seeing justice done. Payment protection insurance is a financial product which is frequently sold as an add-on with loans, credit cards, secured loans, mortgages as well as car finance. PPI is intended to cover the borrower in the event of future loss of income and inability to meet loan repayments for a set period. What's more, there is a fair chance that you were mis-sold the cover and could reclaim your money. As many as two million people may have been mis-sold policies in the UK since 2003.
The issue with PPI typically rears its head when it has been purchased from the financial institution that was also the financer of the loan which the policy is intended to cover. Purchasing from a lender generally offers exceptionally poor value for money, with any prospective advantages far outweighed by the immense cost.
This frequently mis-sold insurance is also quite often sold to people who could never have claimed successfully for it or simply didn't require it, based on their specific circumstances. The terms of the agreement are strictly drawn up so that many of the instances when clients may have hoped to bring forth their claim, they were not covered. What is almost never explained is that the majority of policies do not pay out if you are either self-employed or retired. If this was the case and your financer was aware of it at the time when they sold you such protection, you have potentially been mis-sold PPI insurance
Other circumstances that would preclude the use of a purchased PPI would include the selling of the insurance to a client with a pre-existing medical condition which could have caused the borrower to be unable to work. More often than not borrowers were not even questioned regarding such conditions, despite the fact that this would disqualify them from collecting on the payment insurance. The fact of the matter is that only one in five insurance claims on PPI are successful. There has also been evidence of finance providers compelling borrowers to purchase it, erroneously claiming it to be compulsory or simply refusing to supply a quote devoid of it.
More appalling perhaps is that there are even cases in which the insurance has been added without the permission or knowledge of the borrower. Mis-sold PPI claims have had resounding successes in recent years and seen thousands of pounds returned to their rightful owners. If you believe that you may have been mis-sold PPI then contact us immediately and allow Direct Financial Reclaim to investigate whether or not you have a claim.
We can look to recover the full cost of a PPI policy (which is often THOUSANDS of pounds) plus interest, if we believe that you have been miss sold PPI
