Millions of people have taken a loan, credit or store card at the peak of the PPI mis-selling scandal, if you were one of these people then you may well be entitled to reclaim what you’re owed.
Am I eligible to reclaim?
If you were sold PPI without being told or without being told it was optional, then you will have a legitimate claim. You may well have been sold PPI even though your circumstances at the time meant you would absolutely no chance of making a claim on the policy.
If one or more the following statements applies to you, then there is good chance you’re owed a refund:
If you were unemployed, self-employed or retired when you took out a PPI policy that included unemployment cover
If you already had a medical condition at the time of taking out the policy that could have prevented you from working at some point in the future
If you were older than the upper age limit for your policy
If the term of your PPI cover was shorter than the term of your loan and it wasn’t explained to you that you wouldn’t be protected towards the end of your loan term
If you weren’t told about the exclusions, or circumstances in which you couldn’t claim. For example many policies may not have paid out if you were off work with stress or back problems
If the total cost of adding PPI to the loan wasn’t clearly explained to you or if the quote you were given for the cost of the loan automatically had PPI added
If you were told PPI was compulsory
If you were told that you had to get your PPI cover from the same provider as the loan or credit card
If you felt that you were being pressured into taking the cover and unable to say no
If you weren’t told how to go about cancelling your policy
If you already had cover in place that could have protected your repayments but weren’t asked about this or were told that you needed separate cover
If you’ve checked and found that you are paying for PPI cover that you didn’t realise you had then it may be the case that it was added without your consent or that there was an opt-out box which wasn’t made obvious to you
The most important thing to remember is that: it’s up to the lender to prove that the process was explained and carried out properly.
If they can’t do that then there’s a good chance your claim will be successful.