If you feel you have been a victim of being mis-sold ppi it is possible to ask for a refund of the premiums paid from your lender. However, this depends on how much time you had the loan for, if this became a considerable amount of time, you might be looking to claim back many thousands of pounds in compensation. Up to present, approximately, thousands have claimed for their mis-sold ppi and if you think that you also have been mis-sold, and then you can claim the money back.
There are many reasons why a payment protection insurance plan would have been improperly sold to you. As an example, you're a customer and you experienced pressurized to purchase the insurance policy at the same time as the loan. This might have been because the salesman told you that in order to get a loan; you would have to purchase the insurance from the lender. If this was the case, then this unfortunately has been mis-sold ppi to you, and you may rightly put in a claim for a refund. Furthermore, there might be a case where mis-sold ppi has been made to unemployed, self-employed, retired or with pre existing medical condition. Most payment protection insurance plans don't include these circumstances; therefore, if you've been mis-sold ppi on any of these bases, you probably should start to produce a claim.
When taking out the initial loan, possibly you have been completely unaware that the sales representative had added the payment protection insurance plan; if this has been done without your knowledge then you have been mis-sold ppi plan. This may have arisen because of competitive sales environment that promotes commission based sales. A sales representative might sell ppi so they can achieve their personal sales targets, they might have been under pressure to sell a certain amount of policies daily, in these circumstances they can have added the ppi without telling you, and clearly this is an underhand way to go about the sales process.
In other situations, this may also have been the case that the ppi was not merely mis-sold, but also overpriced. Another scenario is where a customer isn't told that they could purchase the insurance elsewhere if they wished to. Also a situation could arise when the lender does not check and make sure ppi was right to their needs and circumstances.
Author Resource:
Harry Tomas specialises in Mis-sold-ppi and other financial products for United Kingdom based business www.PPIClaimsUK.co.uk . He also lifts the lid on unfair credit card charges and the financial claims niche generally, in addition to writing posts on personal finance, house sales, repossession and business finance.
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