The time allowed in order to get your payment protection claims in for mis sold PPI has been recently extended. This allows more people to be able to claw back some of the money they’ve been needlessly paying out for payment protection insurance they didn’t need. Many people found out the hard way that their loan protection cover didn’t actually cover them when they desperately needed it. This was because exceptions and exclusions commonly added to the cover polices weren’t made clear to them at the time they took the policy out. The practise of selling PPI alongside a loan agreement has now been banned but for those who signed up years ago can now still try to make payment protection claims to get their cash back.
Self-Employed, Retired or Existing Chronic Problems – PPI Uncovered
There have been several issues with the way that PPI was sold to customers of lenders in the past few years. This was mainly due to a ‘hard sell’ technique employed by lenders to increase the number of people signing up for insurances to cover their loan repayments in case of redundancy or illness. However because of the huge amount of payment protection claims and complaints now being submitted, the exact extent of the mis sold PPI has been uncovered.
Many payment protection insurance policies did not, unknown to the customer, cover your repayments if you:
• Were self-employed
• Have an existing chronic illness such as back problems making you unable to work
• Were already retired
The above exclusions came as a shock to those most in need of cover, and prompted a raft of complaints submitted about the selling techniques used to persuade customers to sign up for it in the first place. Many people reported not even knowing they had agreed to the insurance in the first place, or that they weren’t given the chance to refuse it, with some lenders hinting that their loan wouldn’t be approved if they didn’t take out the accompanying insurance at the time of application. Other noted complaints were that the printed application forms for the loans had the PPI consent pre-checked giving them no opportunity to refuse it. Thankfully now, banks have been told they cannot sell PPI at the same time as a loan, and can only offer generic advice for cover several days later. This frees the customer to look elsewhere for cheaper, more relevant cover.
How to Reclaim PPI – Get your Money Back
PPI Return offer a fast efficient no win, no fee service to help you make payment protection claims if you feel you’ve been unfairly sold it. Call us for further advice on 0800 877 8888 on how to claimback PPI payments.