If you’ve taken PPI out on a loan, credit card or mortgage, you may be wondering (in light of PPI claims in the news) whether you could be eligible to claim back your payments with interest and compensation.
We take a look at what could constitute PPI mis-selling.
Was my PPI Policy Mis-Sold?
In order to be eligible to make a PPI claim, you must be able to prove that the seller of the policy breached at least one of the FSA’s regulation around selling. Examples include:
- Not being made aware of the policy
- Being told that your credit product depended on PPI
- You were not advised that to shop around
- Your PPI was not suitable for your needs
Not Being Made Aware of a PPI Policy
This is more common than you might expect. In many cases, PPI has been sold ‘as standard’ with numerous credit products, including loans, mortgages and credit cards. In some cases, consumers had to specifically ask for PPI to be removed. Many providers have been guilty of not making it clear to the consumer that PPI was included and this constitutes mis-selling.
Check all your statements! Even if you were not aware of it, you might have been sold a PPI policy with a credit product. And if you were not aware of it, there’s a good chance this constistutes mis-selling and you could be eligible to make a claim.
Being Told Your Credit Product Depends on PPI
If you were told in any way that your being able to have a credit card, mortgage or loan was subject to your acceptance of a PPI policy with it, this is mis-sold PPI. If you were one of the many consumers told that the provider would only lend to you if you took out the PPI policy, you could claim back your PPI with interest and potentially compensation.
Not Being Advised to Shop Around
FSA regulations stipulate that providers have to tell consumers that they may be able to get a better deal elsewhere. If you were not given this advice when you took out your policy, this is again a break of the rules and you could make a PPI claim.
Your PPI Policy was not Suitable for your Needs
Generally, PPI policies will only cover consumers aged between 18 and 65 in full time employment. Even certain health conditions (e.g. back pain or stress) could rule out your ever being able to make a claim on a policy.
If you were sold a policy that was not suitable for your needs, you could claim back PPI, interest and compensation.
Examples could include:
- Being sold a policy despite having certain pre-existing medical conditions
- Being sold a policy despite being younger than 18 or over 65
- Being sold a policy despite not being in full time employment