PPI Claim Guidelines

There is a long and messy legal battle between customers who have taken out a loan, or finance agreement and the lender of that loan or agreement. The battle focuses around the sale of a product or ‘add on’ to the loan or finance agreement, this add on is Payment Protection Insurance, or PPI. PPI is a policy that covers the purchaser during any inconvenience, such as accidents, illness or job losses were the result could end in defaulting on loan repayments.

In many cases, the customer talking out the loan had been given the wrong advice on PPI, or had been given to wrong PPI altogether i.e. a product that did not cover them for the things it was supposed to. Furthermore, many customers had been totally unaware that PPI payments had been added onto the total cost of their loan repayments, this is where the legal battle of PPI Mis selling begins.

There are a few questions to ask yourself before you begin the reclaim process. Below are just a few of the many questions you can ask yourself to see if you may have grounds to submit a claim.

Did your policy start within the last six years? If you can answer yes to this, whether it is still active or not, then you should consider reclaiming. If you do not have the correct paper work or documentation, request it from your lender.

If you find your policy was taken out more than six years ago, and you are still making repayments to it your chances of claiming are reduces a little, however there is still a chance you can make a claim. Once again, if you do not have the paperwork you require, you can request it from your loan provider.

If your policy is older than six years, the agreement has ended and you are no longer making repayments and you have no paperwork then it is very unlikely you will be unable to request a copy of the paperwork and make a successful claim.

Have you already claimed? Anyone who has claimed on a policy can still submit a misselling complaint, although the chances of success are at this point an unknown. However in the eventuality that your claim is not a success, you may still be able to cancel the agreement.

If you believe you have been Mis Sold Payment Protection Insurance ask the experts to help. Contact Donns LLP to help Claim Payment Protection Insurance back.

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