Many banks and lenders implied or stated that taking out payment protection insurance (PPI) was compulsory to be approved for loans or mortgages, even though PPI was optional. Salespeople often did not inform customers about the cooling off period or that PPI was not required. Customers who were pressured into believing the application could not proceed without purchasing PPI, or who bought PPI after January 14, 2005 and were told it was strongly recommended, may have grounds for a PPI refund claim if they were not provided documents outlining why the policy was suitable.

2. Were You Told
Payment Protection
Insurance was
Compulsory?

3. Many banks and lenders, if not all of them, were guilty of
heavily implying or flat out telling people that in order to be
approved for a loan, mortgage or financial product, the
customer would have to take out a PPI policy.
Many of the salesmen didn’t tell their customer that PPI was
optional and had a cooling off period, even if they did decide
against it. If you were pushed or made to believe that the
application could not continue without buying a policy, that
is a PPI claim.
If customers bought a PPI policy after January 14th
2005 and
were told it was ‘strongly recommended’ or had the policy
sold to them using similar language then that counts as
something called an ‘advised sale’. Unless a ‘demands &
needs statement’ was issued outlining all of the reasons that
the policy was recommended as suitable there are grounds
for a complaint against the bank or lender in question.

4. For More Information visit:
http://www.ppirefund.co.uk/