5 Factors to Determine Miss-Selling of PPI

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Santander has been a trusted name when it comes to hiring insurance claims, and PPI, or payment protection insurance, is no different. The Santander PPI is highly reliable claim to opt for. The PPI mainly aims as being the claim issued against the borrower who is no more capable of repayment of its debated loan due to death or any sickness. PPI is mainly sold while either taking a loan, or mortgage, or credit card, or the store cards. But many a times these are sold to us without us knowing about it. This process is called miss-selling of loan.

miss selling of ppi

There are various possibilities that insurance is miss-sold to the person. The various factors that determine the miss-selling of PPI are as following: Optional: When applying for a loan, the issuing of PPI is an optional factor. If it being optional is not communicated to you by your insurance provider then you have been miss-sold the insurance.

Exclusion: If you are not told about the exclusion of the claim, such as the exclusion of a specific medical condition, then you have been miss-sold the insurance. Sometimes the loan providing company does not accept certain medical conditions as authentic for PPI. You must ensure that all the conditions are cleared to you beforehand.

Interest: Like any other insurance, even PPI demands its share of interest alongside the regular loan repayment. If you have not been told about the insurance’s added interest then you have been miss-sold the insurance.

Expiry: If the insurance provider forgot to tell you about the expiry of PPI and you are still paying the additional interest for the same for a further period of time, then you have been miss-sold the insurance.

Usually the PPI covers from 12 months to 5 years. If you have bought loan for a longer period of time and are paying the additional interest, you are giving away a lot of extra amount not notified: If the insurance provider has asked you to sign the papers without notifying about the additional interest on the PPI, then you have been miss-sold PPI. The PPI is usually included in the loan terms and conditions, which is why it is easy to be slipped by the regular reader. But the insurance provider is well aware of the additional costs and must tell you about the included terms. So make sure to read and clarify your loan terms by the provider carefully before signing on them.

The Santander PPI claim to help you to claim any PPI issued with the Santander. You may not even have the complete documents of the insurance, in case you have bought a Santander insurance some years ago, the company would take out all the details on the basis of your id and would help you reclaim our pending claim amount. You can also do so on your own by filling out all the crucial details and calculating the amount on the basis of the loan papers. DO not hire claim management companies as you may end up having a small amount in hand instead of a huge sum.

 

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