Many people have been claiming back their mis-sold PPI from banks and mortgage companies. However they may not realise that PPI was sold with many other financial products. Any type of loan or credit agreement may have had PPI added to it and may have been mis-sold. For example, if you bought a new washing machine from a store on credit, the loan may have had PPI attached as part of the deal. Or if you took out a store card or credit card of any type PPI would certainly have been offered to you and may have been added without your knowledge. PPI was mis-sold on many items and many people do not realise that they have a claim.
Mis sold PPI
If you have had PPI of any type, you need to check carefully to see if you are entitled to a refund. For example, if you are self employed and took out a loan, any PPI you were sold with the loan would have been mis-sold as you would not have been able to claim on your PPI even if you needed to. The money you had been paying out would have been for no benefit to you at all. If you were retired when you were sold PPI it would have been useless to you. If you had a pre-existing medical condition you would have been unable to claim. All of these are examples of mis-sold PPI.
Mis-sold PPI is extremely common. The product itself can be useful as insurance if you are made redundant for example, or through no fault of your own cannot repay a loan. The problem with PPI is that many people were sold it when they did not need it nor want it, and could not use it if they needed to claim. As people do not always realise that they can’t claim, and have been mis-sold PPI, it is a sensible precaution to check this out, just in case. PPI repayments can easily run into thousands.
Can you claim back your Mis sold PPI
So what should you do? Firstly check whether you have PPI or not. Surprisingly enough people are still finding out that they have been paying PPI for years, as it was added to their repayment loans without their knowledge or consent. This will be shown on the accounts so you should check carefully. If you have been paying PPI without knowing it, you have a claim for mis-sold PPI and should proceed immediately.
If you have PPI and cannot claim on it, for example if you are unemployed when you took it out, self employed, retired or suffering from ill health, then again you were mis –sold PPI and should claim back PPI immediately. If any repayments on the loan you took out were covered already by other insurance, then you did not need PPI and have a valid claim.
Mis-sold PPI took millions of pounds from the general public fraudulently. Fortunately the financial services who sold it have been held to account and have had to set aside the money to repay this. If you have been mis-sold PPI you have the right to claim it back.
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