PAYMENT PROTECTION INSURANCE POLICY CHECKLIST

PAYMENT PROTECTION INSURANCE POLICY MIS-SELLING CHECKLIST

If you answer YES to any of the questions below, there is a good chance that you were mis-sold your PPI policy. N.B. If you have, or have had, more than one PPI policy in the last 10 years, even if the finance that was covered has now been repaid, you should ask yourself the questions below for EACH and every PPI policy you have had.

1. Were you self-employed or not working at the time you signed up for the PPI cover?

YES ____ NO _____

2. Were you pressured into signing up for the PPI?

YES ____ NO _____

3. Were you told you had to take out the PPI at the same time as the loan?

YES ____ NO _____

4. Were you (or would you become during the course of the policy) the wrong age specified for PPI?

YES ____ NO _____

5. Were you told the PPI increased your chances of getting the loan?

YES ____ NO _____

6. Did they omit to tell you that you had a choice to look elsewhere for PPI cover?

YES ____ NO _____

7. Were you told or given the impression that the PPI cover was compulsory?

YES ____ NO _____

8. Did you have to pay upfront for the PPI but were not told that policies are available where you could pay monthly?

YES ____ NO _____

9. Did you ever increase your loan and find that your PPI premium was raised too without your consent?

YES ____ NO _____

10. Did they fail to ask if you had other insurance that would cover the loan? (It doesn’t matter if you didn’t have this, what matters is that they asked if you did. For instance, you may have had a separate loss of income protection policy through an insurer)

YES ____ NO _____

11. Did they omit to tell you there were some exclusions that might affect your eligibility to make a claim?

YES ____ NO _____

12. Did you pay an upfront premium, repay the loan early but then still not receive a refund?

YES ____ NO _____

13. Did they fail to fully explain the terms and conditions to you?

YES ____ NO _____

14. Did you ever experience a loss of income and then try to make a claim on ANY of your PPI policies?

YES ____ NO _____

If, yes, was it successful?

YES ____ NO _____

If no, why not? ___________________________

Payment Protection Insurance Mis-Selling Checklist

Have you taken out a Car Loans, Home improvement loans, Secured Loans and even personal Loans. It doesn’t mattet if the loan is current or previously redeemed.

If you have already tried to claim and been refused by your lender it doesn’t matter. You will be taken much more seriously if you use a professional service.

It doesn’t matter if you win or lose (which is unlikely). You pay no fees to make a claim. Research now shows that up to 90% of policies sold in the UK are useless. Many people when trying to claim on their PPI are told that they are not eligible to make a claim on these policies.

It is estimated that over 20 million people in the UK have been mis-sold a payment protection policy, some might not know they even have one. Recent changes in the consumer credit act has forced companies to issue at the very least, annual financial statements. If you have never recei ved a financial statement from your lender then chances are you have no idea how much you actually owe.

The sale of Single Premium Payment Protection Policies, insurance to your loan in one lump sum, has recently been BANNED at the point of taking out the loan. If you have one of these policies then chances are it was mis -sold and you are paying for something in which you will never likely be able to make a claim on.

Mis-selling checklist

1. Were you told the policy was compulsory?
2. You were told the insurance was essential for you to get the loan
3. Where you asked if you had another policy or insurance in place that would cover you?
4. The terms & conditions of the loan insurance policy were not fully explained to you.
5. You felt under pressure to take out the loan insurance
6. Where you informed that alternative and cheaper insurance products were available to you?
7. Did the adviser tell you about any significant exclusions under the policy – for example, the exclusion that says you won’t be covered for any pre-existing medical condition?
8. If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the insurance up front in one single payment?
9. If you had to pay for the PPI as a single payment, did the adviser make it clear that the insurance cost would be added to the loan and you would be paying interest on it?
10. Single premium PPI insurance normally lasts for 5 years. If your loan or finance agreement was for longer than this, did the adviser make it clear that the insurance would run out before you had finished paying for your loan or finance agreement? The adviser should also have told you that you would continue to pay interest on the insurance premium, even after the insurance expired.
11. You were under 18 or over 65
12. You worked less than 16 hours a week
13. You were employed on a temporary or contract basis or were aware you may become unemployed
14. You suffered from stress, backache or had a pre-existing illness or injury
15. You were not told about the true cost of the insurance, (or not told you were buying it at all).
16. You were not asked about any other insurances you had
17. You were not told that the same policy could potentially be bought elsewhere cheaper.
18. You paid for loan insurance upfront and it was not refunded to you when you paid back your loan early.

If any of the above apply to you why not claim back your ppi premiums now? You could receive thousands of pounds back.

If you still need PPI you can shop around and buy it cheaper elsewhere ……………..and read the small print and exclusions first!