If you have been sold any kind of Payment Protection Insurance, it is well worth your while to check if you have been mis-sold PPI. Many people who have PPI have been mis-sold it in the past ten years and therefore have a claim. You can claim back all the money you have paid out, plus interest owed over the years. So, how do you know if you have a claim?
Firstly, if you are paying PPI and did not know that you had it, then you certainly have a claim. Check your credit card statement, and if there are PPI payments listed on it which you were unaware of, then you will have a claim. If you have taken out a new credit card in the last ten years, chances are that you will have been offered or sold PPI. Some credit card applications had an opt out box which you had to tick if you did not want PPI. If you missed this and left it blank, you may have PPI without knowing it. The box should have been pointed out to you, or it should have been an opt in box. These boxes are easily overlooked and so if this was on your application form then you will have a very strong case for repayment of your PPI. Also if you had any type of loan, including a mortgage, you may have PPI on that loan. You will need to check your paperwork carefully, as the PPI payment is usually included in the loan repayment account and so it is not immediately clear if you are paying it out.
If you were sold PPI and it wasn’t necessary, then this is mis-selling and the bank will be liable for repayment. Some people have been paying PPI when in the case of a claim they would not receive a payout from this type of insurance. Many self employed people, for example, have been paying PPI when they would not receive anything if they stopped working, as PPI does not cover self employed. Pre-existing health conditions are not covered. If you are over 65, you are not covered. If you belong in any of those categories, then you should be claiming back your payments with interest.
Also, if you or your partner is already covered in other areas, you do not need PPI and should not have been sold it. Some employers already have substantial packages which cover such cases as illnesses or redundancy, and if your employer, or your partner’s employer, offers these then PPI was not necessary for you and so was mis-sold. If your partner has already got PPI, then you do not need it.
If, when you took out your loan or your credit card, you were told that PPI was obligatory, then you may have a claim. You do not have to take out PPI with the company issuing the credit card or loan, as this can usually be found cheaper elsewhere. This is yet another instance of mis-sold PPI.