Mis Sold Mortgage Payment Protection

How would you know that you have been mis-sold PPI?

Everyone looks for a secure future for themselves, but no matter how healthy one feels today or how sure one is about his job stability, there is no guarantee of what will happen tomorrow. To this end 10,000s of mortgage holders have taken out Mortgage Payment Protection policies. Many have been mis-sold mortgage payment protection.

PPI has it merits but it can also act as an unwanted burden if a consumer becomes a victim of mis sold PPI.

Today, unfortunately many cases of mis sold payment protection are coming into light. However, there is always a solution to every problem. If you fall prey to PPI mis selling of payment protection, you can always opt to begin a claim for compensation.

The UK Mortgage PPI or mortgage payment protection insurance provides cover to the borrower against circumstances that may prevent him from earning a living and thus prevent him or her from repaying his huge liabilities. Mortgage Payment protection insurance is generally sold by banks and other credit suppliers.

Most mortgage payment protection insurance policies are time bound.

Most payment protection insurance are time bound, that is they will provide cover only for a limited time period that may vary from 12 to 24 months. After that the borrower is himself responsible to pay the outstanding debt.

How would one know that he has been sold PPI?

There are various ways in which PPI can be mis sold by the PPI lenders.

• The first very common way of mis selling PPI is to sell it a person above the age of 65. You must be well aware of the fact that there is an age limit to purchase PPI. So, if you are above 65, and you have recently purchased a PPI policy, then you may have been mis sold Payment protection.
• The second important thing to know is that PPI insurance does not cover students, unemployed or retired persons under any circumstances, because they do not meet the eligibility criteria to own a PPI policy.
• The policy provides cover to the unemployed person, but only if he was employed full time at the time of purchasing the policy, but lost his job afterwards due to some unfavorable conditions. So, if you are unemployed, retired or a student, and you have been sold PPI, then unfortunately you have been a victim of mis sold PPI.

What If you already have a PPI insurance policy?

If you already have a PPI insurance policy to cover in place you would need an extra PPI policy in place. If the PI seller did not enquire from you that if you already had PPI insurance cover, and sold you payment protection policy then It may be a case of PPI mis selling.

Complete medical checks to avoid being mis-sold PPI

Consumers looking to buy PPI should often undergo a complete medical check up to ensure that there is are no pre medical condition that might keep a consumer from claiming on a PPI policy. If you have been sold PPI without medical enquiries, then it will be a case of mis selling of PPI.

You have to be very cautious while purchasing PPI, so that you get the right thing, which may act as a support when needed. If you’re not sure what do to next – get in touch with us. We should be able to sort out which company is involved and pursue then for compensation.

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Click here to complete your PPI Claim Form