Top Ways To Identify You Have Mis-Sold PPI

The payment protection insurance has become widely ill-famed even after actually being a useful insurance product, mostly because of the ill-marketing techniques used by the bank representatives, sales staff and agents. The payment protection insurance has been mis-sold to millions of customers as it helped the banks earn higher revenue, and helped the agents to earn high commissions on this insurance product.

The people who have been mis-sold PPI have collectively paid billions towards the PPI premium. This unfair practice at last came to the light and the court ordered the banks to compensate the consumers who have been mis-sold PPI. However, the onus is on the customers to file the claim application and fight for the money they rightfully deserve. The first step to get your money back is to know that you have the PPI and then identify if you have been mis-sold PPI.

The agents and the sales staff of the bank used numerous ways to trick customers into buying PPI, and most of the times, these ways were wrong and illegal. You can also visit and check out the information there to know more about the mis-sold PPI. To make sure that you have been mis-sold PPI, so that you can go ahead and file the claim application with the bank, here are the top ways to identify if you have got the mis-sold PPI with you right now.

  • Were you told that you are being sold PPI? If no, then you were mis-sold PPI.
  • Were you retired, self-employed or had pre-existing medical condition at the time of the purchase of PPI. If yes, then you were mis-sold PPI.
  • Were you told that buying PPI is mandatory? If yes, then you are eligible to claim the PPI refund.
  • Were you told that buying PPI will increase the chances of approval of the loan or mortgage? If yes, then you can claim a PPI refund.
  • If you were above 65-70 at the time of purchase of PPI, it was mis-sold to you.

There are many other ways the PPI was mis-sold by the banks and its agents. The best way is to do a bit of research as well as consult with the bank itself on how to identify the mis-sold PPI. After the court verdict, the bank is liable to explain elaborately and help the customers looking to file the PPI refund.

Author Bio – Peter Jackson is an author, blogger and speaker on finance, business and management and has written several books on the niche to helps his readers and fans across the globe.