Were You Misold PPI?
If you have a credit agreement in place and where not made aware by the advisor of the following terms when you took out your payment protection insurance then there is the distinct possibility that the PPI you have could have been misold to you:
From 2005 onwards the sale of Payment Protection Insurance (PPI) has been regulated by the Financial Services Authority (FSA). The FSA created a set of rules that are very clear and dictate what firms and advisers selling payment protection should do and say at the time of sale. Misold or miselling a police can occur if the advisor fails to adhere to these rules.
Your advisor should have made you aware of the following information:
The advisor should make it clear whether the PPI is optional or not
The advisor should also make you aware of any policy exclusions and then check whether any of these exclusions apply to you.
The advisor should make the costs of the agreement clear, and whether the PPI would then be paid by one single payment, or by regular installments.
If the policy expires before you finish paying for the loan or finance agreement, then the advisor should make you aware that this was the case.
If the policy was a single premium policy, then the advisor should have made you aware that the cost of the policy would then be added to the loan or finance agreement and that interest would then be applicable on the policy.
The rules set by the FSA are very clear. They state that you must be given enough information at the time of purchasing the insurance so that you are fully able to make an informed choice as to whether the policy is right for you. After all, if you were not informed about interest costs you cannot fully calculate the costs of repayments and so you may not actually be able to afford them.
Furthermore, if you are not or where not aware of the exclusions within the policy you then you couldn’t take this into account at the time of agreement. If the advisor failed to mention any of these points than you have a case of mis-selling a policy.
There are many experts out there to help you Reclaim PPI contact Donns LLP to Claimback PPI.
