Claiming Back PPI
Top Reasons For Claiming Back PPI
Below is a list of common reasons for having been mis sold payment protection insurance and are to be used when claiming back PPI. Use the list if you are looking to establish if you have a valid reason for reclaiming PPI.
Quite a few people may need to establish whether they have Payment Protection Insurance: you might have been sold it without being aware. When it comes with credit cards you ought to be able to easily see any amounts taken for PPI in your monthly statements, however if you’ve got a personal loan it may possibly not be so noticeable. It is best to get in touch with your lender to find out if you have it.
The clearest instances of mis-selling are the ones where purchasers have been sold the cover when they had zero chance of making a claim.
Self-employed: People who work for themselves are not covered by payment protection insurance. It will have been impossible to have made a valid claim. Cover should never have been sold to the self-employed. One of the commonest reasons for claiming back PPI.
Told that cover was mandatory: Lenders could theoretically insist that some payment protection insurance cover is in place however they cannot insist that you buy it from them. Unscrupulous salesman may have used this reason as a tactic for persuading you that the insurance was mandatory.
Students: If you were a student and did not have any employment then again it will have been impossible for you to make a valid claim.
Pre-existing medical conditions: Any one of a number of pre-existing medical conditions could well have rendered the policy void. Pre-existing medical conditions are usually written as conditions in policies. A dead on cert reason for claiming back PPI.
Retired: Again here with no employment to cover the policy is worthless.
Unemployed: Again here with no employment to cover the policy is worthless. The cover should never even have been mentioned once it was established that you were not in employment.
Not informed that loan included PPI: When you were sold the original loan it’s not unheard of for the payment protection insurance to be automatically included without any reference to it. You need to have been specifically told that the cover was included, what it covered and how much it was going to cost you.
Pre-ticked boxes on web form: If you signed up with a lender that used pre-ticked boxes on its website then you may have been required to opt-out of the cover rather than opt-in.
Upper age limit: A lot of policies contain an upper age limit. If you were already past this age when you took the cover out then this will have voided the cover. Check the paperwork for help in claiming back PPI.
Alternative cover already in place: If you already had cover in place and were not asked about it then you could claim. Examples might be employer provided cover or redundancy cover.
This list of reasons for claiming back PPI is not intended to be exhaustive. If you find that you do not fit into any of the categories above it is still worth speaking with a claims specialist who will be able to comprehensively check your circumstances.
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