The Early Steps Of A Mis-Sold PPI Claim
May 16th, 2011
Payment protection insurance has recently been exposed as a borderline fraudulent activity that has had many consumers scrambling to learn if they qualify to file a PPI claim to reclaim some of their lost money. There are over 20 million PPI policies in the UK, and it is estimated that upwards of 90% of those policies were inappropriately sold to unsuspecting customers. This means that, if you have a payment protection policy the chances are high that you, too, qualify to file a claim to get the premiums back from your insurer. However learning where to begin can be a challenge in and of itself.
First of all, how you bought your insurance makes a difference. If you got your loan online it is much more difficult to prove that the PPI claim was inappropriately sold to you since all of the information is in front of you at the time you purchased the loan. The exception to this rule is for loans using pre-filled boxes where you have to choose to opt out of the program (and many people forget to do this). On the other hand, your odds are better if you were sold your loan in person or over the phone. In this case the salesperson is responsible for informing you about the policy, checking with you about prior health concerns, and letting you know that the policy is option rather than compulsory.
Another factor that is important is when you were sold the payment protection. If you bought your loan and PPI in the last six years you have a good chance of successfully reclaiming your premiums, whether you are still using the loan or not. Loans older than six years or policies that ended more than six years ago have a reduced chance of success, but it is still wise to request your paperwork and attempt to reclaim anyway. Even if your chances are reduced it is important to try anyway, as you will never know if it is possible to claim your benefits unless you ask. Also remember to never, ever be discouraged by an early denial, this is a common tactic used to shake off less persistent claimants.
Categories: legal
