09 February 2015
Claiming back payment protection insurance (PPI) should not be complex or stressful but, as part of the process you, as the customer, do need to prove to the bank that they mis-sold the policy to you. In the vast majority of cases, this is clear-cut but occasionally, there are PPI compensation cases that are more complex.
Here we look at the top 5 mis-selling reasons; do any apply to you and your claim for PPI compensation?
PPI is about protection repayments under aspecific set of circumstances and criteriathat, in the main, did not apply to those people whose income status or stream fell into these three categories. Unemployment cover was included in the vast majority of PPI policies which, in a self employed, unemployed or retired capacity was effectively worthless.
In other words, you were paying for a policy that did not fit your lifestyle. Likewise, some policies had an upper age limit too and so for those people that were over this age limit, the policy was again, effectively worthless.
A standard exclusion from the majority of PPI policies were pre-existing medical conditions; as with most insurance products, the more the policy does or covers, the more it will cost. However, many people with pre-existing medical conditions were not made aware that their illness was excluded and so agreed to the policy, assuming that it covered them. Unfortunately, if you were off work due to this condition, you would be unable to claim on the policy…
In many cases, customers were given the wrong impression about the purchase of the policy with many banks and financial companies implying or 'giving the impression' that the purchase of PPI was either compulsory or, gave their application abetter chance of being successfulif they bought the policy too.
In fact, you could argue that the vast majority of PPI compensation claims fall under this heading but, this refers specifically tosingle premium policies. These policies were charged or added to your loan as one lump sum and, in many cases, the term of the policy was not the same as the term of the loan. Hence, if you attempted to make a claim in the final few years of the loan, you may have found that there was no policy on which to claim as it had ended.
And this is why you need to check! PPI was added in many cases without your knowledge or, the 'opt in' box was already ticked.
Do you have a claim for PPI compensation? Find out with Scottish PPI Claims.