Have you ever had payment protection insurance? If you have then you might be eligible to claim back the money you spent on it. We take you through a few scenarios and reasons you should definitely take action. Firstly, if your payment protection insurance was mis-sold and you didn’t actually want to have it then it makes sense to make a claim as you had no need for the product in the first place.
Also, if you weren’t actually eligible for payment protection insurance when it was sold to you then you should definitely try and claim your money back from the lender you got it from. This is because if you had tried to make a claim, you would never have been successful in it so your lender shouldn’t even have given it to you. In particular, problems arise for people who were either self-employed or unemployed at the time they were sold PPI by their lender.
If you were not in possession of all the information, you will also have a case to reclaim your money because when you take out a policy, it is the lender’s responsibility to explain everything clearly to you. If they failed to do this when you bought your payment protection insurance, then you might not have actually needed the policy: there have been instances of people being told that PPI was compulsory, whereas they actually should have been allowed to opt out.
Don’t hesitate to get in touch with your lender to put the payment protection insurance reclaim process into motion if you think you have a case as there could conceivably be quite a lot of money involved and, if you don’t reclaim it, then the lender will just keep it as a profit. Particularly if your case goes back for quite a few years, then you could have paid out thousands for PPI and that is the sort of money you really can’t afford to let go.
One last thing to think about if you are not sure whether you want to make a claim to get back your PPI is the fact that you might well be entitled to do so, and the principle of the matter is important. Even if the amount of money in question is only small, if you are entitled to it then you should get it back. You don’t need a solicitor and there is a precedent for reclaiming PPI so there’s nothing to lose in applying for your money back.
Disclaimer – This information is to be used only as a guide. It should not be used as a sole source of information on this issue. We cannot be held responsible for any loss arising out of the use of this information.
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