In less than two years, the Financial Conduct Authority will prohibit all attempts to refund payment protection insurance policies. These financial products were mis-sold for three decades by unscrupulous sales personnel looking to increase their quotas and commissions quickly. It is possible that anyone who applied for a loan, mortgage, or credit card, has purchased this insurance policy.
To make sure you get all your refunds, here are three things you need to accomplish.
Data Access Request
If you do not have all your financing’s paperwork, you can ask a data access request from your bank. For a fee of £10, you can see every transaction involving you and the financing. It can also highlight the PPI repayments you’ve made. The total of these, including the 10% recompense value, are your PPI refunds.
Credit Score Check
An alternative to data access request is a credit score check. Credit agencies can retrieve information about all your financial activities, which can include loans that might have a mis-sold PPI. The report will also indicate the payments you have made for the payment protection insurance policy.
Common Mis-Selling Methods
You can indeed claim to be mis-sold PPI. The reports show that you were paying for an insurance policy you were initially ineligible. It also helps to know the mis-selling strategy the representative used to urge you to purchase the insurance policy. Often, sales personnel would tell customers the insurance is a requirement or it boosted the likelihood of application success.
Banks may require customers to have payment protection for their loans, but they are given the freedom to choose which insurance policy is compatible with their lifestyle. Indicating a specific brand is an illegal and unscrupulous sales strategy.