Payment Protection Insurance, most commonly referred to as PPI, is a type of insurance that is designed to cover debt repayments when you are unable to do so due to illness or unemployment. It’s often sold alongside mortgages, credit cards and loans and is in place to protect you in cases of long periods of unemployment, sickness or accidents.
However, it’s been discovered that a large amount of people have directly been mis-sold PPI. This means that they have been actively encouraged to take out the policy, even though their individual needs meant it wasn’t useful or needed. Back in 2011, a ruling by the High Court declared that banks must pay back everyone who was wrongly sold the insurance. Millions of people have been or may still be in a position in which they can claim large sums of money that is owed to them.
Former Bank Staff Revealed Tactics Behind PPI Sales
Since the PPI scandal became huge news, a large amount of people who formally worked at banks have come out and revealed the pressure put on them by their superiors. Claiming that their bonuses depended on the amount of PPI that they sold, they would be encouraged to sell PPI with almost every loan that they helped people to take out.
How Were People Tricked into Taking Out PPI?
There are lots of different tricks that banks (and others) used to get people to take out PPI. For example, creditors neglected to tell people about the pre-existing medical conditions clause.
A lot of people took out PPI on the basis that it would cover them for all medical conditions – even those that existed before the cover was taken out. Unfortunately, most PPI documents do state that pre-existing medical conditions will not be covered. A lot of people later claimed that they were never asked about previous health conditions when taking out the PPI or claimed that the terms and conditions weren’t made clear.
Some people have stated that they were given the impression that PPI was compulsory, or something that they really needed to take out.
In some extreme cases, people didn’t even know they had PPI.
Please remember that millions of people were affected by this across the whole of the UK.
It wasn’t your fault – that firmly lies in the hands of the people who mis-sold the policy.
If you feel like you have been mis-sold PPI in the past, it’s not too late to claim.
We specialise in making claims for people living within Scotland and have extensive experience in dealing with PPI claims on behalf of our clients.
To find out more about our service, please don’t hesitate to contact us. You can give us a call on 0800 011 2322 and we will be more than happy to help.