Have you ever taken out a credit card, loan or even got a line of credit on something like a car or a sofa? If the answer is yes, then you could be due a PPI refund. Most students were never eligible to own a policy in the first place, let alone claim on it.
PPI was initially designed to cover repayments for those who fell ill or lost their jobs. Yet due to a widespread mis-selling scandal, the product has been widely panned and heavily criticised.
Clear rules that were set out by regulatory bodies were commonly flouted for the sake of profits in the pockets of the banks and lenders. Major banks like Lloyds and Clydesdale have been slapped with record fines for mis-selling. Latest research suggests that at least two million people have a PPI policy in the UK that was completely useless for their circumstances.
Most customers found that they were pressured by underhand sales techniques; being told that they must purchase a policy in order to take out a line of credit was one of the most common selling techniques salesmen used to sell to unwitting customers.
Recent complaints to the FCA suggest that even some students have been mis-sold PPI. The consumer group Which? successfully fought a campaign to get part of the RBS group to drop their offers of PPI to students on applications for credit cards. Policies claim that to pay up to 10% of your balance you couldn’t work due to involuntary unemployment, accidents, illness or death. However, in order to be eligible you must be working 16 hours per week, which most full time students probably aren’t.
The bank has assured consumer groups that it was in fact an error, and quickly withdrew the product from their website. However, how many students were duped into costly, unnecessary policies and how many students still have these policies and are literally throwing money away?
In the case that you believe you’re due a refund, then visit our claims check page and start the process for free today!