Claiming Back PPI Mis-Sold with a Hire Purchase Agreement
At the height of its popularity payment protection insurance (PPI) was attached to an array of financial products. Most people are now aware of the scandal surrounding its mis-sale with loans and credit cards, but many still remain unaware that the product was sold widely alongside hire purchase agreements. If you have purchased anything from a kitchen to a sofa to a car on hire purchase in the last ten years, therefore, you may also have purchased this cover.
Many people who were sold payment protection cover with a hire purchase agreement were not clear on the costs or terms of the cover or that it was being added. PPI can be extremely expensive and can significantly increase your overall level of debt or repayment term. It is supposed to cover repayments if you cannot work as a result of sickness, accident or involuntary unemployment, but the benefits of the cover are questionable. Only a very small percentage of people who try to use their cover are successful in doing so. One of the major reasons for this is the high number of exemptions with these kinds of policies. Exemptions are situations and circumstances that are not covered.
Common ways in which policies were mis-sold with hire purchase agreements include where they were added without customer consent, the customer was told the cover was compulsory or the costs were not fully explained.
If you would like help claiming back PPI mis-sold with a hire purchase agreement contact our team today or complete the quick claim form at the top of the page and we will send you out a claim pack in the post.
Remember, PPI was also mis-sold with mortgages, loans, credit and store cards, we advise all customers to check financial agreements or recent statements carefully to ensure the cover wasn’t added without your knowledge.