Despite having been a newsworthy topic for years, PPI still remains to be a topic of mystery for many. It is for this reason that many people are still owed money for being mis-sold PPI, and are left unaware that they could receive a reimbursement which could run into thousands.
Here, we attempt to answer some of the common questions regarding PPI and where you stand in regards to making a claim.
PPI stands for payment protection insurance. In principal, it is an insurance policy which covers repayments on loans, store cards, credit cards and mortgages in the event that a client would be unable to meet their repayments due to circumstances such as death, loss of employment, or illness.
- What counts as mis-selling?
There were many cases of mis-selling during the height of the PPI scandal, due to a large amount of pressure being enforced on employees to sell the product. Tactics which were employed to sell the product wrongly included:
- Putting an immense amount of pressure on the client to purchase PPI.
- Telling clients that purchasing PPI would increase their chances of their loan being accepted.
- Telling clients that PPI must be purchased alongside a loan.
- Adding PPI onto bills without the client knowing about it.
- Selling PPI to a person who would not be eligible to claim under any circumstances, e.g. an individual would not be able to claim if they were self-employed or had an illness at the time of taking out the insurance.
- Being sold PPI which did not suit the customers’ circumstances, for example it was valid for a time scale different to that of the loan.
If the above reasons do not apply to your situation, but you still feel as though you were mis-sold PPI, you may still have grounds to reclaim your money.
- Are there any time limits for making a PPI claim?
Generally, a claim made within 6 years after being mis-sold PPI is a simpler process than making a claim after a longer time frame. However, time limits vary from case to case. If you are unsure as to whether you can still make a claim, it is a good idea to start your claim as soon as possible to ensure that you have the best chances of receiving your repayment.
In regards to the overall time limit, the banking industry are very keen to put a deadline on all claims, and Spring 2019 is considered to be the likely date.
- How much money could I claim back?
Generally speaking, there is no specific amount of money which can be specified as to how much you will be able to claim back, as it all depends on the individual circumstances. However, usually the larger your loan or credit card balance, the larger your PPI refund will be. On average, the usual claim amount will be around £3,000, but customers can be refunded much more if it’s applicable.
- How do I check if I can claim?
If you think you may be owed a refund for being mis-sold PPI, it is important to check if you can make a claim as soon as possible. You can start this process by filling out our free check; all you need to provide is your name, address and date of birth and we will be able to send you the forms for a full check to be carried out. Don’t delay; start the process today and you could receive a large repayment!