Payment protection insurance should be a beneficial product. It should protect borrowers by ensuring they have a means to meet scheduled repayments even if they were to become ill, suffer an injury, or become unemployed or redundant unexpectedly. The reality, though, is that many payment insurance policies have been mis sold to borrowers and they have been left with no wages to cover payments and no protection from a policy that they have been paying for years.
In light of the number of cases where this has happened, the Office of Fair Trading backed by consumer watchdogs and consumer action groups, investigated the whole payment protection industry. Their findings were less than shining and, in many instances, it was determined that payment protection insurance had in fact been mis sold to borrowers and that affected individuals had a right to reclaim the money they have paid towards these policies.
Payment protection has been found to have been mis sold in a number of ways and on various financial products. If you have taken out a mortgage or loan, credit card or other form of credit agreement within the last ten years then you should check to see whether payment protection was included as part of the policy and then determine whether it was sold properly to you.
Consider whether your personal circumstances were fully discussed. Did the agent discuss whether you were self employed, retired, or due to retire before the payment protection came to term? Did they in any way imply that you had to take out a policy because of the type of product you were applying for or the type of job you had? Did you work for the NHS or Armed Forces at the time the policy came into force?
These are just some of the possible questions that might indicate that you were mis sold your payment protection insurance. However, perhaps the biggest and most pertinent question of all should be, do you even know if you are paying payment protection? It has been added to policies without the borrower’s consent and this is an obvious and blatant case of mis selling policies.
Cotnact GladstoneBrookes.co.uk to determine whether you have a valid case to be able to reclaim payment protection insurance that you have paid against your credit agreements.