Can I Reclaim PPI?

If you are looking to reclaim PPI you must first prove that you have been mis-sold the policy. If you were sold a PPI policy that you did not need, ask for or would benefit from the chances are that you are a victim of mis-selling. In this instance you will be eligible to reclaim the premiums you paid towards the policy plus interest calculated at 8%. Our article looks at possible scenarios which will give you grounds to reclaim mis-sold PPI.

There are many ways in which PPI was mis-sold but one of the most common instances is where consumers were told they had to take it. When looking to secure forms of credit such as loans, mortgages and credit cards lenders would often sell PPI as a compulsory product so that they could reap the rewards of the generous commission it generated. If you were told it was compulsory you will have a strong chance of reclaiming the premiums you paid.

Lenders would often use heavy handed sales techniques when selling PPI so that they gave consumers little option but to take it. They would over sell the policies and tell consumers how detrimental it would be for them and their family if they did not take the policy, If you feel that you were pressurised into taking PPI you will have a strong chance of reclaiming it.

PPI as a policy has many exclusions and will usually not cover those that are self employed, those with medical conditions, those over 65 or under 18 years of age and those working part time or in contract work. Lenders when selling PPI would often ignore these major exclusions and sell PPI to consumers who fell within any of these categories. Had any of these consumers tried to claim on their PPI policy they would have had their claim rejected so inevitably they were paying for a policy which would never cover them. If you fall within any of these categories you will be eligible to reclaim the PPI premiums you have paid towards your policy.

Outside of major exclusions lenders often sold PPI to consumers without their knowledge. In some cases it would be built into monthly repayments and in some cases it would be paid upfront by the client without them knowing it. This is considered a high form of mis-selling and if this relates to your case you should have no issues in reclaiming the PPI premiums you have paid. Millions of people have been ripped off and mis-sold PPI. If you are one of them reclaim PPI now. Don’t let your lender keep onto money which is rightfully yours.

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