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Mis Sold PPI

22nd November 2010
By Henry James in Law
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Payment protection insurance is an insurance policy that basically covers you if you have taken out a loan or credit and you cannot pay it off due to illness or you lose your job. These policies are normally added on to a loan or credit agreement. Did you know that millions of people in fact over two million people could claim for being mis sold a PPI policy in the next five years? Did you know that the FSA, which is the Financial Standards Authority have introduced new measures to make sure that banks handle complaints about mis sold payment protection insurance in the appropriate manner.

Did you get mis sold payment protection insurance?

How do you know that you got mis sold payment protection insurance? You have to take a look at your policy agreement, you must also think about how you were sold the policy.

* Were you fully briefed on the charges involved?
* Were you told exactly what the policy would cover?
* Were asked about any pre-existing illnesses?
* Did the policy cover the full amount of the loan?

* Are you a student? Self-employed? Pensioner?

Did you know that pensioners are not allowed to enter into a payment protection insurance policy plan? Were you also aware that for the policy to be valid and legal you have to have been fully briefed on all the charges involved with taking out the policy? If you the contract was not explained to you fully then you could have been mis sold payment protection insurance. This is actually illegal, and this means that you could get your money back. You may also get your money as well as some extra money on top. Therefore it really is worthwhile looking into the policy that you were sold. You can go directly to the bank who sold you the policy and officially complain, many people have done this and been awarded with their premiums as well as compensation money. However the banks are currently fighting against the FSA's decision to change the way the banks deal with people who complain about being mis sold a payment protection policy.

It might be worth looking into contacting a specialist firm dealing with payment protection policy insurance claims. Therefore if you have any suspicion that you have been mis sold a policy or that your policy was sold to you in error then it is a good idea to make contact with one of these companies, making sure that all your documentation is in order. The company should be able to advise you, even if you don't take on their service. For example most companies will look through the policy that you were sold, they will ask you various question to determine whether or not you policy was mis sold. Once they have established that you could possibly get your money back and all the details are in order, they can then proceed with your claim. This can take up to three months to fully complete. You could end up with a sum of money that amounts to the premiums you have already paid as well as extra money to compensate you for the inconvenience of being mis sold a policy.

Do you need Mis sold PPI advice? Gladstone Brookes can help you out See details on our Mis sold PPI here.
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