What Are the Conditions under Which You Can File Your PPI Claims?

| August 1, 2014 | 0 Comments

Payment Protection Insurance plan is sold by a bank or a lender. If you are protected under PPI then you need not sell your property to pay your debt and neither your credit rating will be affected, if you fail to make payment due to illness or loss of income. However, many banks started mis-selling this insurance by selling them to every borrower, who are not really in the need of such insurance without taking their approval.


When you are eligible for making PPI claims

Not everyone is eligible for making PPI claims. Only if you fall under following category then you can make your claim for mis sold PPI:

  1. PPI policy was sold to you without taking your consent
  2. Your approval of loan was not subjected to PPI purchase
  3. You were not given any choice to decide whether you wanted to buy a PPI policy for repayment of your loan.
  4. As a customer you did not fall under the criteria of buying PPI policy

Most of the borrowers were unfortunately sold this PPI policy without any proper explanation or information about this policy when they borrowed money or bought credit card. PPI policy was cleverly included with various other packages and the consumers were not properly explained about this policy.

Most of the borrowers did not know that, it was included with their due installment and hence they did not realize that they could cancel this insurance plan.

Sales person lied to borrowers

In many cases, the sales people and credit officers informed people that they have to take this policy, as contingency, so that they can get relief from paying their dues. In addition, they were also told that they could not buy a vehicle without having any PPI policy. People who were told such lies while taking a mortgage or buying credit cards can apply for compensation against PPI claims.

Some borrowers were not given any choice

While buying a PPI plan many borrowers were not given a choice to go to other banks or financial companies to borrow money. Even if someone decided to go to other sources or lenders to borrow money, then they were told that they still had to buy the PPI plan.

Other criteria for making PPI claims

In addition to above, if you fall in any of the following criteria then you are eligible for making PPI claims.

  1. At the time of buying PPI policy, you were under 18 years or above 65 years of age.
  2. You were retired from your job or self employed, when the policy was sold to you.
  3. You had pre existing health condition, which restricts you to buy PPI plan

If anyone of you have ever taken a loan or mortgage plan or purchased any credit card, then check your purchase agreement to confirm whether the seller has mis sold you a PPI plan by telling you lies. You could also click here to consult with the experts about making your PPI claims successfully.

Author’s Bio:

Chris Stamper works as a claims recovery agent and their company has helped many people in successfully claiming the PPI that was mis sold to them. You could click here to check if you are unknowingly paying premiums for the payment protection insurance that you never asked for.

Category: Loans

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