There are 2 reasons that you may be able to reclaim PPI payments.
1 PPI was mis-sold to you
2 The provider earned a high level of commission but didn’t tell you.
Claim for mis-sold PPI
its likely that you were mis-sold PPI if any of the items below apply to you. The list is not comprehensive and there may be more!
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
Complain about commission earned by a provider
A provider was usually paid ‘commission’ by the insurer, as a reward for the sale of PPI. If you had PPI, the money for this commission would come out of the payments you made for the policy.
A ‘high level of commission’ typically means it was more than half of what you’ve paid for your PPI policy.
You may be eligible to get back some money if your PPI policy covered repayments on a credit agreement – like a credit card or loan – and you:
- took it out before 6 April 2007, but it was still open on or after 6 April 2008 (even if you had stopped using it)
- took it out on or after 6 April 2007 (whether or not it was still open on or after 6 April 2008)
If your PPI policy covered a mortgage, you may also be eligible to get back some money in certain circumstances, and you should contact our office on 01942 619911 for more information.
Rejected PPI claims
If you have previously had a PPI claim rejected you can still complain about the interest earned by the bank or provider. The deadline of the 29th of August is fast approaching so don’t delay! Call today on 01942 61911 and speak to one of our advisers.