Wrongly Sold PPI – Are You a Victim?

If you have a loan, a credit card, or a mortgage, you could be a victim of a company who is mis selling payment protection insurance without you even knowing it.  Millions of UK residents have already taken action to right the wrongs they have been subjected to, but if you have yet to do so, you will be interested to know more about what PPI is.  There is nothing intrinsically wrong with PPI, which stands for personal protection insurance.  In fact, without the insurance, many people would be financially overburdened by unemployment caused by injury, accident or illness and be unable to keep up even with the minimum loan payments.

However, wrongly sold PPI is when the buyer has no idea they are signed up for such an addition to their monthly premiums or believe that what they signed up is different from the coverage they are receiving.  Either way, charging a customer for something they are not aware of is unlawful, meaning you could be entitled to full reimbursement for the insurance you have been unknowingly paying on top of the payments required for your loan.  Well-known lenders have been guilty of mis selling payment protection insurance, namely Capital One, Alliance & Leicester, HSBC, and Egg.

Over the next five years, the Financial Services Authority, or FSA, has estimated that 2.75 million wrongly sold PPI complaints will be made.  Will you be one of these people?  More importantly, will you be one of the 95% of people who have their claims reimbursed in full because they choose to work with a Financial Claims Management Company?  When it comes to dealing with a company who is mis selling payment protection insurance, you do not want to tackle it alone unless you want much lower chances of winning and an indefinable amount of time spent on your wrongly sold PPI claims.

One of the worst cases of mis selling payment protection insurance is when a salesperson for the lender pressures customers to buy PPI knowing full well they will never be able to make a claim on their policy.  If you were pressured, or even if you were not, you could have been wrongly sold PPI.  Are you ready for your compensation?  Getting started is easy, and when you work with an agent, you can basically sit back and wait to be told that your claim was accepted and that compensation is on its way.