Money Advice Direct
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If the answer is yes, you may have been missold a PPI policy.
Were you duped by the 'Fully Protected' sales pitch?
Many consumers have been taking out loans and been told they are fully protected and signed up without really knowing they have been sold a PPI policy.
Like insurance for your house, car and business, Credit Card Payment Protection or Loan Repayment insurance is not a bad thing. The point, however, is that however reasonable it may sound, several companies forcefully and deceitfully have sold PPI policies to customers who neither need these policies nor were aware of their agreement to purchase them.
Consumers, often, never realise,that while borrowing money or getting a credit card they are actually agreeing to pay more than the sum of the interest to the bank for unnecessary PPI insurance. This payment is absolutely pointless and results in a complete loss for customers and a huge profit for the banks and card companies.
Write a letter to your lenders and card companies, claiming, truthfully, that you were sold the unneeded PPI policy without prior knowledge
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.