| Payment Protection claims are on the increase. | | | | * Policy was sold to a self employed person. Only |
| According to the Financial Services Authority there | | | | employed people are covered. |
| are over 20 million cases of mis-sold Payment | | | | * Agent did not ask about pre-existing medical |
| Protection Insurance in the United Kingdom. | | | | conditions. |
| Those cases are all waiting to be claimed but many | | | | * Agent did not advise customer could shop around |
| claims companies are finding that their hands are tied. | | | | for cheaper policies elsewhere. |
| Claims Management companies have been told they | | | | * Agent did not explain that the Insurance was |
| are prohibited from contacting customers and letting | | | | optional. |
| them know they are able to claim. With all those | | | | * Customer was led to believe that the Insurance |
| claims if everyone claimed it could put certain banks | | | | would increase chances of getting the loan. |
| and lenders out of business! | | | | * Customer was not aware of the Insurance. |
| Many customers are not aware that they have been | | | | It is very easy to start a claim and potentially get all |
| sold Payment Protection Insurance. | | | | your money back as well as a generous amount of |
| Payment Protection is often added to loans, finance | | | | compensation and interest on top. |
| agreements, credit cards, store cards and other | | | | The process to claim back Payment Protection is |
| credit agreements. Often the sales person does not | | | | simple and there is no upfront cost because the |
| explain the exclusions of the product or check that | | | | Solicitor carries out the work on a no-win no-fee |
| the customer would be covered by the Insurance. | | | | basis. |
| Common reasons for mis-selling include: | | | | |