Mis-sold PPI Judgment Leads to Reclaim of Payments

Payment Protection Insurance (PPI) sold to the self-employed, to customers who only have part time employment or who are retired are each an examples of a mis sold PPI. The reason these are considered mis sells is that the customer is given the false impression that the PPI will cover credit repayments in the event of loss of worker due to lay off, illness or accident. The insurance would not pay under those circumstances therefore the PPI was sold under false pretenses.

The founder and director of Randall and Vickers, Michael Pilgrim said it this way: “For 10 years, consumers have been aggressively sold policies which were expensive, ineffective and, in a lot of cases down right useless.”

There are instances where consumers were told that the PPI was compulsory when that was not the case and even cases where customers were signed up without their knowledge. But, thanks to an April judgement against Credit Card Companies and financial institutions, individuals can now reclaim premiums of mis sold PPI and any interest that may have been charged as well.
Thousands of people in the UK have filed PPI reclaims. A decision by Lloyds to settle PPI claims may make it possible to reclaim funds directly without hiring help, if other banks follow suit.