Grounds for filing PPI claims
Do you ever wonder if youâ€™re eligible to file a PPI claim? Then, read on and find out more
08:28 03 August 2013
PPI or Payment Protection Insurance is a financial product designed to protect borrowers should they suddenly become ill or unemployed and be unable to pay for their debts. PPI typically covers 12 months repayments.
Although it is a good product, it was mis-sold to a lot of people. A number banks and lending institutions made money from PPI.
If you’ve taken out a loan before and paid for PPI, below are the grounds that you can use to file a claim:
- You were not told that you were paying for PPI. Many banks and lending institutions did not inform borrowers that they are charging them for PPI. If you think that you were not told about this product when you’ve taken out a loan, you’ll be eligible for a full refund.
- Credit approval was dependent on PPI purchase. You were told that your loan will not be approved unless you purchase PPI from the same bank or lender.
- You were not told that you have the option to get PPI from other providers.
- You were not qualified for PPI at the time of the purchase. If you were below 18 or over 65 years or if you were unemployed or self-employed at the time when you taken out a loan, you’ll be able to get a refund.