With all the press around PPI at the moment it is easy to get confused as to whether you have been mis sold PPI. Here is a quick guide to help you find out if you are eligible for a claim.
What is a typical PPI payment?
A typical PPI loan payment is up to 50% or more, and the accumulation of these payments can quickly add up and you may have paid thousands of pounds over a number of years.
I got my loan online am I eligible?
Many people use internet banking and use this method to apply for loans online, this is especially useful if you work during bank opening times or live in a remote area. If you signed up to a loan and got PPI online then it is harder to reclaim PPI as all sites have the terms and conditions in full somewhere on the website, even if it is difficult to read or hard to find, therefore the onus is on you to have read and understood fully before signing up.
However, some loan providers used pre ticked boxes for the PPI, so you have to unclick to opt out rather than being given the option to opt in. If you got your loan before July 2007 then you should check your policy as you may be eligible for a claim and PPI compensation. After July 2007 all lenders agreed to stop doing the ‘opt out’ tick box.
Also you may not have been eligible for PPI, such as pensioners cannot be protected against losing their job when they receive a pension.
Face to Face or over the phone PPI sales
When purchasing a loan from a person whether it is face to face or over the phone then the sales person or advisor is responsible for selling the policy responsibly and making sure you understand all of the details. Some people purchased a loan online but were then called up later about the PPI; this still counts as the person that called you up should have been up front about the insurance.
If you were told the PPI was compulsory then it has been mis sold to you, if you did not know about it or where not asked then PPI was mis sold to you.
Here is some points to see if you are entitled to a claim;
- Were you told PPI was compulsory?
- Were you sold PPI without knowing?
- Was PPI sold to you without being fully explained?
- Were you sold PPI when you were self employed or retired?
- Did the sales person tell you PPI was free and then after a period of time payments started coming out of your account?
- If the answer to any of these questions is YES, then you could be entitled to reclaim PPI, contact Canary Claims today to get your claim started.