Many competing companies pursue the recovery of PPI premiums for ‘misselling’. This is a broad term which identifies customers who have been wrongfully sold the insurance and will never be able to claim.
There are a few broad categories for misselling.
Medically Exempt. All those with pre-existing conditions will find it nearly impossible to claim. Anyone with a history of heart complaints, high blood pressure, asthma, diabetes, high cholesterol, back complaints or even migraine may have their claim refused.
Income Exempt. All those with irregular, insubstantial or variable sources of income will also see their claims rejected. These include students, contract workers, the self-employed, housewives, retired, company directors and part-time workers.
Existing Cover Exempt. Anyone who receives full sick pay when they are absent from work will see their claim refused. These include all public sector workers, nurses, doctors, policemen and women, those in the armed services, government or local authority employees. It also includes anyone who has alternative accident, sickness and redundancy cover either through their job or through an existing policy.
It also includes those clients who have been not been given all the facts or given misleading information to coerce or force them in to purchasing a policy.
This would cover all those who had been told they could not take out a loan without taking PPI; those who had not even been told they had taken PPI; those who had not been informed that they would pay interest on the PPI; those who had not been informed that the PPI cover only lasted for 60 months; those who were never told that they could purchase cheaper cover elsewhere.
It is true that PPI can be recovered purely from a misselling angle. These claims however are normally performed by claims management companies. They have no legal process and there are varying success rates.
They also offer the worst value for the client. They claim back the amount of the policy, the refund of all payments toward the policy and statutory interest on those amounts. They then take anything from 25-40% of the settlement as their ‘fee’.
We offer the best option for the client. As we pursue our claims through full legal process, we can put several extra factors into the claim which will add several thousand pounds to each settlement and give all of the money back to the client.