Who are eligible for PPI refund?
Are you wondering if youâ€™re one of those people who are eligible to make PPI claims? Then, read this article to find out.
14:57 27 June 2013
PPI or Payment Protection Insurance is a financial product designed to help borrowers make repayments should they become unemployed or get sick for a certain period of time. It’s actually a good product however, for the last several years, banks and lending institution mis-sold this product to thousands of borrowers in order to make quick money.
If you’ve borrowed money from a bank or lending institution, you may be eligible to make a claim.
There are four scenarios that make borrowers eligible for PPI refund. These are the following:
- You were not aware that you bought PPI. A lot of customers were not told that PPI was included in the package when they took out a loan.
- You were told that in order for your loan to be approved, PPI was necessary. This isn’t true. In fact, you have the option to not get the PPI and still, your loan will be approved as long as you’re qualified.
- You were told that you cannot purchase the PPI separately from another provider; which is obviously not the case.
- You did not meet the criteria for a PPI policy. It could be that during the time you took out the loan, you are unemployed or self-employed.