The Financial Conduct Authority has made August 29, 2019 the final date to claim for mis-sold PPI. The insurance policy made headlines after millions purchased the insurance under the impression it was a financing requirement. If you wish to make a claim soon, take note of the commonly accepted arguments that consider your insurance as mis-sold.
A Specific Brand Was Forwarded
Lenders can require borrowers to have payment protection before approving their financing. However, lenders cannot require the purchase of a specific insurance brand.
Every borrower lives in different circumstances. Therefore, no single insurance policy can render them eligible. As a result, millions of consumers mislead by their lenders purchased PPI.
It Boosted One’s Credit Score
Credit scores rise and fall depending on your payment attitude. If you pay on time and in full, then you have excellent credit scores. Therefore, having an insurance policy does not increase your score to qualify you for higher-value financing. If the argument of increased credit scores through PPI purchases was set before you, then if you purchased the insurance, you can make a claim.
‘High-End Deals Require Protection’
If lenders told you PPI is required to have higher financing, then it is a legitimate claim. Meanwhile, if they asked you to purchase a top-rank PPI policy that you have no use for, then you can make a claim for it. No specific PPI policy can be forwarded as a requirement.