Consumers unaware about what makes a payment protection policy mis-sold

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PPI Claims Company finds that the majority of consumers are unaware of the factors that can make a payment protection policy mis-sold.

After connecting with potential claimants and evaluating initial enquiries which were received throughout the month of August 2012 the Payment Protection Insurance Claims Company found that almost 70% of those who knew they had a payment protection insurance didn’t know if it was actually mis-sold and weren’t aware of the factors or methods of selling which would class the PPI policy “mis-sold”.
The high proportion of those that did not know what makes a payment protection policy mis sold does of course suggest that there needs to be more information about the actual process readily available to consumers.

In addition 10% of enquiries came from claimants who did not know if they had a payment protection policy attached to any of their past loans or credit agreements and they were looking for find out just how they would discover whether they held such a PPI policy.

The remaining 20% of enquiries were from consumers who were aware that they had a payment protection insurance policy and believed it was mis-sold from prior research that they had completed on the process before they made the decision to contact Payment Protection Insurance Claims Company to go ahead with their claim!

In order to ensure a consumer can make a Payment Protection Insurance Claim they must either have been wrongly sold the product through the salesperson’s fault or lack of clear information and explanations of the terms and conditions in the policy. Or alternatively, when a consumer was sold the policy it must have not been right for their particular needs and circumstances. This tends to focus on the employment and health status at the time of being sold the policy.

The increase in advertisements for payment protection insurance claims on the television, through print media and online does make raise awareness of the issue and does make people wonder if they were in fact a victim of the scandal. However actual information beyond this point appears to be lacking and this can be cause for concern. Recently, over the past few months between May to August 2012 the entire payment protection insurance claims industry has seen an increase in bogus claims being made from people who haven’t even held a Payment Protection Insurance policy before.

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Dr M Mansoor Siddique
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