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PPI Claims and Information You May Not Know

There have been tons of PPI claims made by a countless number of men and women over the past several years. In a vast majority of these cases, the need for filing this type of claim was due to coverage they acquired while obtaining various credit cards, a home mortgage, or other type of personal loan. At a large number of banks, credit unions, and other types of lending institutions it was actually a requirement to purchase this coverage before they could gain approval for a loan or credit card. What many people find to be even more astonishing is in many of these situations, the person obtaining the loan was not even aware that coverage was being attached to their agreement, and that they were actually being charged for it.

There are several different names that are used when referring to Payment Protection Insurance or PPI. Below you will find a list of some of the most common.

  • Unemployment coverage
  • Sickness coverage
  • Accident coverage
  • Loan coverage
  • Credit protection coverage

Are You Eligible for Filing PPI Claims?

If you have made a credit card agreement in the past 8 years or so, or if you have obtained a mortgage loan or other type of loan and you believe you were miss-sold payment protection insurance coverage, you may be entitled to make a claim for reimbursement. In some situations reimbursement has been obtained beyond 8 years on policies that are no longer active. Due to the fact that lending firms are not obligated to hang onto records any longer than a 6 year period, these cases are reliant on clients saving all of their original paperwork.

Some Situations that Have Resulted in PPI Claims

While a lot of people may not be aware of this, there are specific situations that prevent a person from being able to take advantage of payment protection insurance coverage. However, as many people have discovered, not every person that received this coverage was told there were any type of exclusions. To list a few of these exclusions wouldinclude people that are self-employed and people that have contracts that are short-term, and men and women that are retired

What to do if You Were Missold Payment Protection Insurance

If you think there is even the slightest possibility that you were missold a policy of PPI coverage, it is a good idea to have it checked out. If you do not get anywhere by contacting the credit provider, bank, or mortgage broker you initially obtained a credit card or loan from, it’s time for PPI claims to be sent to the Financial Ombudsman Service.

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