Despite being a hot topic, scrutinised in everything from Panorama to OK Magazine and despite the banks admitting wrongdoing, there are still 3 – 5 million people who are yet to claim back PPI.
PPI, or payment protection insurance as it’s known in its entirety, is a type of insurance policy that is taken out with a loan, credit card or mortgage and protects you should you become unable to meet the repayments due to redundancy, injury or illness.
That sounds a good policy; why are people trying to claim back PPI?
When taken out by the right kind of person, someone who ticks all the necessary boxes, then PPI is a very useful policy to have, especially in these somewhat rocky financial times. The issue, however, is the manner in which it was sold that is allowing so many people to be able to claim back PPI.
Customers were mis sold PPI and in some case weren’t even aware they had payment protection insurance in the first place!
Can I claim back PPI?
There are several ways a customer may have been mis sold PPI by their lender.
1) You were led to believe payment protection insurance was compulsory and/or, by not taking out the policy, your chance of securing the credit agreement was reduced.
2) You were not asked about your medical history. If you had a medical condition, either past or at the time of taking out the agreement, and then went on to make a claim for the same condition, it would be void.
3) You were told you could only take out PPI with the same lender you got the loan, credit card or mortgage with.
4) You were in the Armed Forces when taking out your credit agreement.
5) You were self employed, retired, on a temporary contract or on benefits when taking out the policy.
6) You just weren’t told about it!
If you feel any of these mis selling tactics are applicable when you took out a loan, credit card or mortgage, you may be entitled to claim back PPI.
But remember, in many case customers were not even aware they were paying for payment protection insurance in the first place.
To find out if you were mis sold a policy and, ultimately, if you can claim back PPI, you should first check the statements or your credit or loan agreement as any policy or payments for it will be detailed here. If it turns out you do have payment protection insurance, call us on 0800 877 8888 or complete our online claim form and claim back PPI today!