Do you believe that you were mis-sold PPI or wish to make a PPI claim? If so, then take a look at the following questions and statements. They may help you ascertain if you have a case for making a PPI claim:
Do you remember being asked if you wished to take out PPI? In many instances, PPI was added to customers’ finance packages without them being made aware of it. If you have been paying back monthly PPI premiums and you can’t remember if you were asked for it in the first place - then you have a good case to make a PPI claim.
At the time of taking out PPI with a finance institution, were you asked whether you already had insurance that would cover you for accident, injury or redundancy? If you already had sufficient insurance, then there would be no need for you to take out PPI - your financial institution should have ascertained this.
Were you given the chance to ‘opt out’ of PPI - ie by ticking a box that was easily missed -rather than being given the opportunity to ‘opt in’? Have you already re-paid or cancelled your loan or credit card but were unable to cancel the attached PPI? In some instances, financial institutions still took PPI monthly payments, even when the original finance had been cancelled or paid back.
Did you disclose any medical problem, that would have rendered PPI invalid, yet PPI was still added? Certain medical conditions, such as stress or back problems would prevent a PPI claim from being made. However, this was not always made clear when PPI was being sold.
Similarly, PPI was not suitable for people who were retired, unemployed or self employed. PPI should not have been sold to people in this category. Were you informed that PPI only lasted for 5 years, even if loan, mortgage or credit card repayment terms lasted longer than five years?
Were you informed as to the total repayable cost of the PPI or were you only quoted the full repayable cost of both the original finance agreement plus the PPI?
Were you given sufficient information for you to make an informed choice as to whether or not to take out PPI? In many instances, the terms and conditions of taking out PPI were not fully explained.
Were you led to believe that the taking out of PPI claim was compulsory? Were you sold a ‘single premium policy’? That is, a policy that included interest on the PPI at the same rate as the original finance agreement?
You may also have taken out PPI by banks or finance houses that have already had action taken against them by the FSA. A list of these are available on the FSA website.
So, in summary then, if you have PPI and you believe that it was mis-sold to you ie you did not want it, need it, or the policy was not fully explained to you, then you should be able to make a claim.
