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Personal (unsecured) LoansThe most common reasons (but not a complete list) for the mis-selling of PPI on personal or unsecured loans are:The Lender automatically added in the insurance premium without your agreement or approval. Here the Lender is relying on you to notice this and tell them that you don’t want the insurance. You were told or led to believe that your loan wouldn’t be granted if you didn’t take out the insurance.This is a particularly underhand tactic as it preys upon your desire to have the loan monies as quickly as possible. The Lender did not ‘clearly’ ask you if you already had had existing insurance that would cover your loan. The policy wasn’t properly described to you and you bought it not understanding that it wasn’t suitable or how it really worked. This may have been particularly true if you were actually in-eligible for the insurance due to a pre-existing illness or medical condition. The true cost of the insurance policy wasn’t explained or made clear to you. This follows on from above, because you are potentially still paying for an insurance policy for many years after the cover has ceased. You felt pressurised into taking insurance with the loan. Many lenders employ tactics designed to keep you talking in the hope they can wear you down and that you will give in and take the insurance. Clearly it is not always possible to go through every term and condition relating to an insurance policy during the course of telephone conversations with your lender, but they do have a duty of care to ensure the significant ones are clearly brought to your attention. If they haven’t, or any of the above reasons have occurred, then you may be entitled to a refund of your insurance premium. This may also include a rebate on any interest paid to date. |
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