PPI (Payment Protection Insurance) is available on most loan types, including credit cards and mortgages. If you currently have a mortgage, you could be entitled to claim thousands of pounds in compensation from your mortgage provider as they may have mis-sold you a PPI addition to your policy.
Most people aren't aware that they have PPI as it is often added without the knowledge of the borrower. And unfortunately, many people find that when making a PPI claim they discover exclusions and circumstances in the PPI agreement which make their claim ineligible.
Another form of mis-selling is the withholding of information such as not telling you of policy exclusions and terms and conditions, not telling you the policy was optional, or implying that the PPI was compulsory or would help you obtain the finance you wanted.
The way you pay your PPI can also have an effect on its validity. For example, if you paid a lump sum, but were not informed that monthly payments were possible, or if you paid a lump sum, but then paid the loan off early and were not refunded your PPI. PPI payments should not automatically increase even if you increase your loan, so if this happens, this also constitutes a mis-sale. PPI can also be rendered worthless if you were told to take it out, but not asked if you were already protected by another PPI policy or other form of insurance.
If you're not sure whether you even have PPI, check your statements and loan agreements, you may find that you have been paying for it without knowing, and you could potentially be owed thousands. On the other hand, PPI might be the right choice for you, providing a valuable safety blanket should your cash flow dry up. Either way it is worth investigating the exact terms and conditions of your PPI to make sure it is the right choice for you.
Most people aren't aware that they have PPI as it is often added without the knowledge of the borrower. And unfortunately, many people find that when making a PPI claim they discover exclusions and circumstances in the PPI agreement which make their claim ineligible.
Another form of mis-selling is the withholding of information such as not telling you of policy exclusions and terms and conditions, not telling you the policy was optional, or implying that the PPI was compulsory or would help you obtain the finance you wanted.
The way you pay your PPI can also have an effect on its validity. For example, if you paid a lump sum, but were not informed that monthly payments were possible, or if you paid a lump sum, but then paid the loan off early and were not refunded your PPI. PPI payments should not automatically increase even if you increase your loan, so if this happens, this also constitutes a mis-sale. PPI can also be rendered worthless if you were told to take it out, but not asked if you were already protected by another PPI policy or other form of insurance.
If you're not sure whether you even have PPI, check your statements and loan agreements, you may find that you have been paying for it without knowing, and you could potentially be owed thousands. On the other hand, PPI might be the right choice for you, providing a valuable safety blanket should your cash flow dry up. Either way it is worth investigating the exact terms and conditions of your PPI to make sure it is the right choice for you.
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You could be eligible for compensation for Santander PPI claims. Start yours online today.
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