Many people have PPI – payment protection insurance, but not everyone is entitled to claim back their payments. PPI claims are only valid if the policy was sold to you inappropriately. This would include the following situations:
- You were not informed that payment protection insurance was automatically included in the financial product.
- Your consent was not obtained for this insurance.
- You were misled into thinking that the insurance is either required by law or was required by the loan or card provider
- The insurance was sold to you even though you did not qualify benefits at the time of purchase.
- The full details of the insurance were not fully explained to you.
You may also have a claim if undue pressure was put on you by the seller of the product or if you were not made aware of a cooling off period.
There are many PPI claims handlers who can help you to make your claim. They are regulated by the Financial Ombudsman so you can be assured that they will deal with your case professionally. It is in their interests to provide the best possible service for you.
When you contact the PPI provider, make sure that you give them all the relevant information about your claim. They will then have 8 weeks in which to respond. If they do not respond within this time, or if you feel that their respons was inadequate, you can contact the Financial Ombudsman Service.