Should I File a PPI Claim?

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file8391306993784Financial institutions around the UK have already paid out billions of pounds to people who were mis-sold Payment Protection Insurance (PPI) and it’s even possible that you’ve been bombarded with calls, texts and even TV advertisements to reclaim your PPI.

PPI was supposedly a good product, sold to customers who took out a loan, mortgage, credit card, car loan or store card that if the customer were unable to make payments since they fell ill and can no longer work, they would still be covered to meet the repayments of the loan they took out.

What was the big deal? The PPI became a scandal because banks were found to have sold this policy to people who are not qualified and in some cases, other sellers did not disclose all the information needed to the person taking out the loan.

It still makes sense to make a claim for a mis-sold PPI. If you feel that you don’t qualify for the claim or you don’t remember any PPI on the financial product you took out, it’s best to think again. Here are several reasons why you file for a PPI claim:

  1. It’s not as difficult as it may seem. This is one of the reasons why people put off filing a claim, especially if they think that they are not qualified for a PPI refund. You may also be put off by the stories you’ve heard of court cases or even reaching the Financial Ombudsman and it sounds stressful and difficult for you. If you’d rather have this taken care of, here’s how you can find a ppi claim company that can assist you in making your claim.
  1. It is still possible you were mis-sold PPI even if you had wanted it. When you took out a loan and you have agreed to also have the PPI included, there is a chance it was still mis-sold to you if it wasn’t explained to you properly. Some examples are:
  • You should have been asked if you had any prior medical condition that could lead you to be unable to work in the future
  • If you were self-employed, unemployed or over the age limit of the clause of the policy
  • The seller told you it was mandatory or you could only get the loan if you also took the PPI
  1. You have PPI and you didn’t realize it. This product wasn’t only sold along with credit cards or loans by banks – it was also sold along with mortgages, secured loans, store cards or with car loans too. If you had borrowed money in the past, it is possible that you were charged with PPI without knowing it. Check your credit report or other paperwork that you have and you could be entitled for a claim.
  1. You can still make a claim even if you had the account closed or it defaulted. When you realized that you were being charged on a product you took out or you had PPI canceled or you have already paid off the loan, it is still possible to reclaim the PPI on it. If the lender doesn’t exist anymore or has gone bankrupt, then you can still make your claim through the Financial Services Compensation Scheme (FSCS).

You could be a victim of this scandal. Keep in mind that there are funds allocated in order to repay those that have been mis-sold PPI and you need to be compensated. Don’t have the time to do all these? There are PPI claim companies that can make the process easier for you to succeed in getting what was owed to you.

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