If you wish to reclaim PPI, you must have a proof that you have been mis-sold the policy. If in any circumstances that you were mis-sold a policy you didn’t need, then chances are that you are a victim of mis-selling. In this case, you will be qualified to reclaim the funds you paid towards the policy plus an added interest of 8%.
PPI are mis-sold in various ways but one of the most common scenarios is where the consumers were pressured to take it. When you look at the secure forms of credit such as mortgages, credit cards and loans, lenders would often sell PPI as an obligatory product so that they could acquire the rewards of the huge profits it produced. If you were told it was required, you will have a big chance to reclaim the funds that you have paid.
The trick is that heavy handed sales techniques are applied by lenders when selling PPI so the consumers won’t have any choice but to take the offer. They would over sell the policies and tell customers how disadvantageous it would be for them and their family if they won’t take the policy. If you feel that you were compelled into taking PPI, you will have a big chance of reclaiming it.
Those individuals that are self-employed, those with medical conditions, over 65 years old or under 18 and those who are just working part-time or in contract work will not be covered by PPI as a part of their policy exclusions. Oftentimes when selling PPI, lenders will target those individuals who are subject to the policy’s major exclusions. Those are the ones that are mentioned earlier. When those people who were included on the policy’s major exclusions tried to claim on their PPI policy, they would have had their claim rejected because they were paying for a policy that would never cover them. If you happen to fall within any of these categories, you will be entitled to reclaim the PPI premiums you have paid towards your policy.
Outside of major prohibitions, lenders often sold PPI to consumers without their knowledge. In some instances, it would be constructed into monthly compensations and in some cases it would be paid upfront by the client and they are unaware of it. This is reflected as a high procedure of mis-selling and if this is your situation, you should have no problems in repossessing the PPI payments you have paid. A lot of people have been ripped off and mis-sold PPI. If you are one of them, reclaim PPI now. Don’t let your creditor keep the money which is really meant to be yours.