Mis-Sold Financial Products? Can a Solicitor Help?

Posted on Aug 31 2018 - 8:34pm by Ceybizlanka

Woman talking to a solicitorSalesmen can get so enamoured of the big bonuses they receive from making lots of sales that they forget to be completely honest about what they are selling. In the world of financial services, this has been a particular nightmare, both for the customer and now for the companies who have to pay out millions of pounds. Right now, the big mis-selling scandal continues to be PPI. Not all that long ago it was endowment mortgages. Only about half of the people who are entitled have claimed back money for mis-sold PPIs, and with the deadline for claims due in August 2019, there is still time to put in a claim.

Many people are unsure if they were mis-sold PPIs, but they can find out with the help of a firm of solicitors in Portsmouth, many of whom operate on a no-win, no-fee basis.

What is PPI?

PPI is payment protection insurance, also known as credit insurance. It was sold to people alongside credit cards, loans and other financial agreements. The idea was that if they died, or became ill or disabled or lost their job, the insurance would pay the instalments on the credit/loans for them. However, what happened was the over-zealous salesmen often added the insurance to the credit arrangement without asking if the customer wanted it, or told them they had to have it when it was optional.

PPI is not in itself a bad idea, it was the way it was sold. People were given employment cover when they were self-employed (PPI does not cover the self-employed), or were not asked about pre-existing conditions.

It is worth going back through the paperwork for any credit cards or loans taken out to see if they had PPI included in them. Solicitors in Portsmouth can help decide whether a claim is worth making or not.

How much might you get back?

So far, according to the Financial Conduct Authority, people have claimed back £29 billion.

It is possible to make claims without the help of a firm of solicitors in Portsmouth, but having the help of a legal expert can mean the difference between making a claim and missing the boat through apathy.