Payment Protection Insurance Claim Guidelines
Customers, who have payment protection Insurance
, or PPI attached to a loan they have taken out, face a lengthy battle in the event they wish to claim back the repayments they have made towards the cost of the insurance. Payment Protection is an add on to loan agreements, credit cards and other financial loan arrangements that covers the loans repayments in the event the customer can no longer make the repayments through job loss, injury or illness.
You may be entitled to claim your PPI back if you believe you had been given the wrong advice on PPI at the time of taking the loan, or had been sold a PPI that didn't cover your requirements. There are some cases where the customers were not even made aware of the fact PPI had been added to the cost of their loan, inadvertently making the repayments every month for a product they didn't require or did not ask for.
There are a few questions to ask yourself before you begin the reclaim process. Below are just a few of the many questions you can ask yourself to see if you may have grounds to submit a claim.
Think back to when you made your load agreement, was it within the last six years? If you did take out the loan in the last six years then you are eligible to reclaim.
Was your policy taken out more than six years ago, but is still active? Your chances of reclaiming here are reduced; however there is still a chance that you have a valid claim. Again, if you no longer have the paper work, then ask for a copy.
If you took out the plan more than six years ago and the contract has ceased, plus you do not have the paper work then it is doubtful that there will be accounts of the loan and unlikely that the claim will be triumphant.
Have you already claimed on the policy? If you have already claimed on the PPI policy, then you can still submit a claim if you believe you had been mis sold for any reason. However as you have claimed, you must be aware that your chances of success are slim, however one possible outcome is that you will be able to cancel the agreement.
by: Paul Myers.
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