It is a well-known fact that PPI scandal is one of the biggest in the financial history of the UK, and probably in the world as well. The banks and their representatives left no stone unturned in increasing their sales figure for PPI and this is what led to the wide scale mis-selling of PPI, which spread across the country in no time.
The people were sold or should we say mis-sold PPI in many different ways, which mostly dependent on the customers and their particular situation. Few of the ignorant customers were never told that PPI is included in the premium they would be paying for their financial product purchase, while others were mis-sold PPI even when they never asked for it or were not eligible to enjoy the specific coverage that PPI offered.
The clauses of PPI were never actually told comprehensively to most of the people who were forced to buy PPI one way or the other. This is also considered to be mis-selling and unfortunately, these practices continued for a long period of time. People who were mis-sold PPI now has the right to file for refund and can also know the approximate amount they can claim by visiting www.ppicalculator.co.uk.
Here are the few common ways the PPI was mis-sold –
- The policy was sold to unemployed, self-employed and retired customers even though they are not covered under the policy.
- Customers with pre-existing medical condition are not covered under the policy but were still forced to buy the PPI policy without informing them about it.
- It was told that purchasing the ppi policy was mandatory if you want a loan and you would not get one without it.
- They were told they had to buy ppi only from the loan lender, but in reality one could check around and choose a ppi that best fits their needs.
- A lot of people were pressured into purchasing the ppi even though they did not felt the need for it.
- A lot of PPI was added to the account of the loan without the consent or knowledge of the customer.
- The total cost of the loan as well as the PPI was not explained to the customer clearly.
These are the few common ways the people were mis-sold PPI by the banks and their agents, and they did it with so much conviction and on purpose that it led to a scandal worth billions of pounds.