Posts Tagged 'PPI reclaims'
Mis-sold PPI – 10 Grounds for Reclaim
PPI Claims continue to be a big deal in world of financial claims. But on what grounds are people making the claims? Essentially, PPI claims are being made where someone was mis-sold the policy. If you’re not sure whether or not you were mis-sold a PPI policy, here are just ten circumstances that would count for misselling.
1. You were not told at the time you took out the policy that the same policy could be available at a better price elsewhere.
2. You were employed on a temporary or contract basis at the time you took out the PPI policy.
3. You were working fewer than 16 hours per week at the time you took out the policy.
4. The lender failed to ask you about any other insurance you already had.
5. You had existing problems with stress or suffered from back ache.
6. You were told that you had to have PPI in order to take out the loan or card.
7. You were not even told about the insurance and it was just added!
8. You had some form of existing illness.
9. You were under 18 or over 65 at the time the loan was taken out.
10. You were self employed at the time the PPI policy was taken out.
These are just ten situations in which you would be considered certainly to have been mis-sold your PPI policy and should enquire about making a PPI claim.
PPI claims amount to money that you should never have been paying in the first place. If you have been mis sold a policy, PPI claims are a means of getting back money you are owed!
PPI Reclaims – What if you don’t have the paperwork?
We’re not all as organised as we should be when it comes to keeping our papers organised. I’m guilty of leaving bank statements stuffed in drawers and receipts lying around the house. I know, I know… bad habits!
But disorganisation doesn’t make you any less entitled to make a PPI reclaim if you believe you were missold your policy. PPI claims came about as a result of the policies being missold by lending institutions and as this is a fault of the lenders (not yours) you are perfectly entitled to find out whether or not you could make a claim, irrespective of whether you still have the paperwork associated.
If you are considering a PPI reclaim and don’t have the papers, write to your lender specifically requesting a breakdown of the associated account. Make specific mention to the fact that you are particularly interested in the PPI element of the account. It’s worth noting, however, that your lender is only obliged to keep paperwork on file for 6 years after the end of the agreement. So if you finished paying back on that account more than 6 years ago, your lender may not have the records and pursuiing a PPI reclaim is unlikely to yield results for you.
If, however, it has been less than 6 years since you completed your repayments, your lender is obliged to still have the paper work andunder data protection laws has 40 days from the date of receiving your letter to respond to your request with the appropriate information you require.
Getting hold of your paperwork should be a priority matter if you are considering a PPI reclaim.