There are still people around who are paying, or have paid, PPI, and are entitled to their money back with interest. PPI stands for Payment Protection Insurance and many people took out PPI when they obtained a loan in the past. PPI is designed to protect you if you are made redundant, or cannot repay your loan through no fault of your own. As a product, PPI may be a good idea for some people, but in a shocking number of cases it has been mis-sold.
Some people have been paying PPI without realising it. The charge for PPI was put onto their loan repayment without their knowledge or their consent. If you have taken out a loan for any purpose, it is worth while checking if you have been paying PPI. If this is the case, then you are entitled to a full refund of all the PPI payments you have made, and this would also include interest. The time to claim this is now. It is a good idea to check out your credit card as well, as PPI could be charged on these.
You may be aware that you have PPI on your loan. What you may not be aware of is that in many cases PPI is useless. If you are self employed, then you cannot claim any money on your PPI. The payments you have made are useless to you. If you are retired, you also cannot claim on your PPI if you need to. If you have a pre-existing health problem, PPI will not pay out if you need to make a claim. All the payments you have been making are a waste of time. If you fall into any of these categories, then your PPI was mis-sold to you, and you are entitled to reclaim PPI.
If you already have some form of cover, then you don’t need any more cover, and this should have been explained to you when you took out PPI on a loan repayment. Selling insurance which is useless to the person who is taking it out is mis-selling, and the banks and financial organisations that made a lot of money doing just that are now having to pay it back.
So what should you do if you think you have been mis-sold PPI? The first thing to do is to check your loan to find out if the PPI payments are there, and how much. If you do not have these details, your loan provider is obliged to send you a copy. You may need to persevere as obviously banks do not want to give you back money even if you are entitled to it. You then need to make a claim. Banks have money set aside to repay PPI so now is the time to claim it. Again, you may need to persevere. However this is money you are entitled to and it also includes interest so it is worth your while.
Author:
Canary Claims
Posted in: PPI
Tags: PPI Reclaims