How Could I Be Mis-Sold PPI?

Published: 09/04/2018

You’ve probably heard the term, PPI over and over again.

But what exactly does it mean to be mis-sold PPI?

PPI was an insurance policy sold to customers taking out loans, credit cards, catalogue accounts, overdrafts, car finance and more, to cover the repayments for a year in the case of an accident, sickness or unemployment.

PPI in itself was not a bad policy to take out. However, it was ‘mis-sold’ to thousands of people. It remains the most complained-about financial product of all time.

There are many ways banks and lenders mis-sold PPI (that stands for Payment Protection Insurance) to their customers.

What are common ways customers were mis-sold PPI?

  • If you were told taking out PPI was compulsory. It absolutely wasn’t! Your advisor must (should) have made it clear to you that PPI was an optional cover.
  • If you were not told about any significant exclusions under the policy. For example, many policies would not cover people with a pre-existing medical condition.
  • Did your advisor tell you when you took out a loan or finance agreement that you’d have to pay for the insurance upfront and that the cost would be added to the loan and incur interest? If not and that was how the policy was structured, they may have mis-sold that policy to you!
  • Single premium insurance normally lasts for just five years. If your loan or finance agreement was for a longer period than this, and the advisor didn’t make clear to you that the insurance would run out before you finished paying off your loan and that you would continue paying interest on the insurance.
  • The advisor used persuasive terminology such as, ‘we strongly recommend you consider taking out PPI’, you have grounds for a PPI complaint.
  • If you were not informed that your provider earned a high level of commission from your PPI, you can complain.
  • If you were self-employed, unemployed or retired, PPIprobably wasn’t a suitable product for you.
  • You didn’t know you had PPI in the first place. Many people had it added on to the financial product without any proper explanation, so it’s possible you have no idea about it!

When Is The Cut Off Date To Apply For PPI?

The Financial Conduct Authority (FCA) has set a final deadline of 29 August 2019, after which consumers will no longer be able to reclaim mis-sold PPI. This deadline is absolute. In fact, late last year, the deadline was legally challenged by claims management firm We Fight Any Claim. The firm said the deadline was unfair and would result in many people missing out on reclaiming the funds they deserve. However, the Court of Appeal ruled otherwise - the deadline will not be reviewed or appealed again.

That means, the sooner you make your claim, the better (as the system will likely become very jammed towards the latter end of 2018 and into early 2019)!

How do I find the best PPI company to help me claim?

There are a number of things to look out for before you decide to try and claim back PPI online. Prior to choosing GWlegal, our clients often Google the likes of, ‘trustworthy PPI companies’, best PPI company’ and ‘safe PPI companies’.

There are many PPI claims companies out there. However, we would argue that, the only way to ensure your PPI check is safe, secure and worthwhile, is by enlisting the help of a reputable financial claims solicitor.

At GWlegal, our Financial Claims team is lead by extremely experienced solicitor Paul Cahill. Since 2008, Paul has worked solely in financial claims, so we feel confident calling him a true expert in the area!

GWlegal is also regulated by the Solicitors Regulation Authority (so you can trust us!) and we operate on a ‘No Win, No Fee’ basis, so there is literally no reason not to at least take us up on our free, no obligations PPI check offer.

What our clients say - PPI reviews

Miss McMenamin: “Received excellent customer service”

Mrs Kirk: “Excellend service professional attitude helpful staff.”

Mr Parker: “Service was truly excellent. I dealt with Lesley Chapman throughout the period of the claim, who is an extremely efficient, charming person to talk to.”

Mr Fogarty: “Very good service. I knew I always had PPI but was told by a friend to apply anyway. GW found payments I hadn’t even thought about.”

Who are GWlegal?

GWlegal are a financial claims solicitors based in Liverpool, specialising in PPI claims, payday loans claims, packaged bank account claims and housing disrepair claims.

If you have a legal matter you wish to discuss, don’t hesitate to get in touch. You can call us on 0345 373 3737 or email us at with your question. Who are GWlegal? We’re a national firm with local values.

Do you think you have PPI?

Click here for your free PPI check

Content correct at time of publication.

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