PPI or Payment Protection Insurance is an issue that has failed to die even after so many years after it came to light. The process of claiming your PPI has become much easier than it was till a few years back. More people are coming forward to claim their money. Even after so many people claiming their PPI successfully, a number of people have little clue as to if they can make a successful claim.
If you happen to answer ‘no’ to one or more of the following statements, you may have been mis-sold PPI and claim your compensation –
- Was it made clear to you that the PPI was optional?
- Did the seller tell you about the exclusions under the PPI policy like the certain medical conditions that are excluded from the policy?
- In case you took a loan, did the seller tell you that you will be required to pay for the insurance up front in one single payment?
- If you paid for the PPI as a single payment, did the seller inform you that this cost will be added to the loan and you will have to pay interest on it?
- Most of the single premium insurance lasts for about years. If you have a loan that is longer than this, did the seller tell you that the PPI would run out before you finish paying for your loan? Did the seller tell you that you would continue to pay premium even after the PPI agreement has expired?
- Did the seller ‘advise’ you to buy PPI after January 2005? If yes, the sales known as ‘advised sale’ was made wrongfully.
If you do have a mis-sold PPI, you need to collect all the documents and fill a form with the lender. Once the lender goes through your mis sold ppi claims, they will need to revert back within 30 days. If you still do not get a reply, you can raise the issue again since they have a legal obligation to pay back your PPI compensation if it was mis sold to you in any way.