You’ve got a good chance of a effective ppi reclaim if you will be able to establish that the policy was mis-sold. There are various methods on how payment protection insurance can be mis-sold and according to Financial Services Authority, banks and lending companies must conduct its business with integrity. Financial firms also need to conduct its business with due skill, care and persistence.
A financial company must pay due regard to the interests of their customers and treat them reasonably. Banks and lending firms must pay due regard to the information needs to its clients, and communicate information for them in ways which is clear, fair and not misleading.
Financial firms also needs to take reasonable care to ensure the suitability of its advice and discretionary decisions for almost any customer who is entitled to rely upon its judgment.
If you can prove any of the above wasn’t complied with when you were sold payment protection insurance, you’re almost certain to have a case for a ppi reclaim since it can be mis-sold to you.Most common reason behind complaints is the overly enthusiastic sales representative stating or implying payment protection insurance is compulsory, if you take out a ppi policy it increases the chance of being accepted for the loan or it provides for a better interest rate.
If it wasn’t clearly explained to you that you were buying insurance, or borrowing for the cost of it, you do have a case of ppi reclaim due to the mis-selling that transpired to you.
If you have been offered insurance policy to cover employment, but you are not employed, the policy won’t fit the purpose for which it is intended. If any of the following circumstances applied to your status at the time of the policy was sold, you might have a right for a ppi reclaim on the following grounds:
1. due to retirement from full time employment in the near future or through the lifetime of the loan
2. planning to return to full-time schooling
3. knew you were to be made redundant
4. due to give up work to have a baby or take maternal leave
5. working less than 16 hours weekly
6. on temporary contract
It was additionally found in an investigation that there are already many cases of ppi being included with a loan when the applicant was of an age making him or her not really eligible to benefit from they form of cover provided. Many ppi policies have an upper age limit of 65 or 70 years of age. The sales agent by failing to take the essential precaution to check on these details with the applicant, and proceeding with the ppi part of the loan application would almost certainly make this event a clear case of ppi mis-selling and ppi reclaim can be made.