Financial mis-selling is when you have been sold a product or service such as a mortgage or pension that wasn’t suitable for you.
You may not have been given the information you needed to make an informed decision or the risks of that product or service may not have been properly explained.
This is financial mis-selling and you have a right to claim against these underhanded tactics.
Payment Protection Insurance
You can still claim for PPI (Payment Protection Insurance) but you only have until 29th August 2019 to make your claim: time is running out.
Here, we tell you what you need to know and how we can claim for you:
- If you took out a loan or credit card from a bank or building society and you had PPI then YOU WERE MIS-SOLD IT under ‘Plevin’. This means if over 50% of your PPI cost went to commission, and this was not explained to you, you are due back the extra. But your PPI should have been active during or after 2008. If you have already successfully claimed PPI then you cannot claim under Plevin. Even if you benefited from PPI you can still claim under Plevin.
- If you have thrown the paperwork away do not panic, you can still claim. We can ask the lender on your behalf using your name(s), date of birth and all addresses.
- There is no limit on how far back you can claim for PPI, however, if its older than six years it will be difficult to claim if you don’t have any paperwork as lenders do not have to keep any records older than six years.
- If the lender has gone bust or been taken over you can still claim from the company who took over or against the Financial Services Compensation Scheme which insures the liabilities of finance companies.
- If a deceased relative had PPI then the money is owed to their estate and their executor can make a claim on behalf of the estate to be passed on to the beneficiaries.
- If you live abroad, this doesn’t matter, you are still entitled to make a claim.
Mis-sold mortgages are now considered as the next big scandal to hit the financial world. People being sold services without being advised of exactly what they are getting and being potentially left in financially difficult situation. This is due to brokers selling products to people purely based on the high commission they received.
Here are some examples of mis-sold mortgages: