Payment protection insurance helps the subject to pay towards loan payments and credit card dues in case of job loss, illness, accident or any other kind of financial emergency, which renders the subject unable to pay the dues. This financial tool, even though is an otherwise well thought and useful insurance product, has become ill-famed, largely due to the illicit marketing and selling techniques used by the banks and their agents. Millions of people have been sold PPI without their knowledge, when they didn’t actually need it, when they were not eligible to buy PPI or were forced to buy PPI for approval. The customers, even though were never actually obliged to buy this financial product, had to purchase payment protection insurance, at times with the consent and at other times, without even knowing they are buying it. If you believe you have been mis-sold PPI, you can easily claim the PPI premiums refunds with the bank with the documents and supporting evidence that supports your PPI claim. If you are not sure how to identify if you have been mis-sold PPI too, or if you don’t know how to verify if you have been mis-sold PPI, here are the few things you can give a deep thought upon and relate it to your situation.
- Were you told that payment protection insurance is included in the policy or loan you have been paying premiums for long? If no, then you are definitely eligible to file the PPI claim.
- If you are self-employed and have been still sold PPI by your agent, then you have a strong case in your hand as self- employed people are not eligible to have PPI cover, in most of the policies. It does not apply to the self-employed people, and hence, the agent mis-sold the PPI to you for his/her own benefit.
- Were you told that buying payment protection insurance is necessary for the loan approval or it would increase the chances of getting the loan by your agent? If yes, then it is a lie and you have been mis-sold PPI.
- If you were above the age of 65 when you bought the policy and the PPI was included in it, then you have been mis-sold PPI as payment protection insurance does not apply to people after certain stipulated age.
- Were you informed that buying PPI was optional or did you have any severe pre-existing medical conditions? If yes, then PPI was mis-sold to you. You can calculate the PPI amount owed to you by the bank by using ppi calculator online easily as well to get an estimate.
The payment protection insurance has been sold to millions of people through various illegitimate ways, and the onus is now on the consumers to fight back and get the money they rightfully deserve. The above-mentioned are just a few of the top methods used by the agents and the banks to sell PPI, but it just might not be the case with you. In any case, if you feel you have been mis-sold PPI, contact the bank and write a formal application to claim refund of PPI premiums you paid. The consumers can also contact the Financial Ombudsman Service to process the PPI claim, if turned down by the bank.
Author Bio – Jeanne Thompson has been an eminent writer on financial topics for a long time and runs an informative blog on the niche, to help consumers educate themselves on where to invest, how to manage their money and secure their future financially.