Am I Eligible To Reclaim My PPI?
If you have taken out a financial product in the last ten years such as a mortgage, personal loan or credit it is almost certain that you were sold payment protection insurance from your lender. PPI ideally covers your ability to repay your debt should you find yourself in difficult circumstances such as injured or unemployed, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold.
Over the last decade, lenders have generated estimated revenues of $3bn by being able to avoid making payouts when necessary. Despite acting on a vague technicality they have been deemed to be in breach of financial practice and have faced investigation from the authorities. Many high street lenders have been slapped with fines of up to 7m and stand to lose much more from refunds.
The enormity of this swindle was fueled by commission hungry salesmen who would often demand you take out the PPI if you wanted the loan, an obvious lie. In some cases the compulsory purchase of PPI was only mentioned in the small print and by signing the contract you implicitly agree to pay for it, despite no mention in your original quote.
Some people are ineligible for PPI by their very definition and have still been paying for it, for example if you are over the age of 65 you will not be able to utilise PPI as you are above the age of retirement. Anyone who has paid for PPI over this age is legally entitled to a full refund.
If you are self employed then you are considered to be in a less stable financial position than someone in full time employment and you will not be qualified for payment protection insurance, however, banks will be happy to sell it to you with no intention of paying out if you need it.
If you pay for insurance you will usually be required to present a copy of your medical records so brokers can determine if you are more likely to need to claim and if you have a history of illness or any other medical ailments, you will not qualify for PPI. Surprise surprise, lenders will be very keen on ensuring you take out PPI even with your medical record in their hand, knowing you will have no chance of being covered.
Anyone who has been mis-sold PPI like this or in any other fashion is more thank likely to be entitled to a refund, although you will have to chase the banks for this and it is often easier to enlist a legal professional to do it for you.
If you are looking for good PPI claims solicitors then talk to Donns LLP who can guarantee to help you reclaim PPI.
Tags: claim, claims, Mortgage, payment protection insurance, PPI, reclaim, repayment
