Go to Top

Consumers could be entitled to claim on mis-sold PPI

Consumers should check whether they have been mis-sold payment protection insurance, as they could be entitled to claim for a refund. The number of mis-selling complaints to the Financial Ombudsman Service (FOS) now represents 38 per cent of their total workload, BBC News reports, since widespread publicity has “alerted many customers to the possibility of gaining compensation.” However, many more people could still be ignorant of the fact that they have been sold PPI unnecessarily when applying for mortgages, loans or credit cards, so it’s worth investigating. According to UK Net Guide, consumers may have been mis-sold PPI as part of an elaborate and high-pressure sales pitch. Others may have been led to believe that taking out a plan would increase their chances of securing credit. There are also cases reported where individuals bought PPI without a thorough understanding of the product or worse, without even knowing. In all of these cases, individuals could be entitled to reclaim any charges and monies paid. The chances for a positive outcome, via a reputable claims firm, are high. To demonstrate, a spokesman for the FOS said: “The percentage of PPI complaints we upheld in favour of the consumer increased to 92 per cent.”