PPI CLAIMS GUIDE 2017
Millions of people in the UK who were the victims of mis-sold PPI have been successful in claiming compensation back from the banks. But many more people – millions of them are yet to make a ppi claim or are unaware that they are eligible to claim compensation.
If you believe your bank mis-sold PPI to you, or on the other hand you aren’t sure and would like to know more about the PPI claims process, this article – PPI claims guide 2017 will hopefully answer your questions and move you closer towards getting back money from the banks which is rightfully yours.
This article will show you how the UK’s banks mis-sold PPI to their millions of customers and if you too were one of these people. Also the article will disclose the manner in which you can claim compensation from the banks, in addition to showing the best and most effective way of receiving a ppi claims refund.
Can I Legally Make A PPI Claim?
If you know you were mis-sold PPI, or if you believe that you were, there are two simple steps that you need to discover. Those two items are:
- What is the number of PPI policies that you possess?
- Do those policies match the mis-sold PPI criteria?
It’s as simple as that. Also anyone wanting to make a PPI claim will also need to carefully check through all of the bank statements, paperwork and terms and conditions that they have and try to see if these documents show that they were paying for a Payment Protection Insurance policy. You could also use a PPI Claims Company to help you with the process. Occasionally PPI will not be listed in these statements. Some banks called PPI insurance by other names. These names include:
- ASU (Accident, Sickness, Unemployment.)
- Loan Protection
How The Banks Mis-Sold PPI
The most common ways in which PPI was mis-sold by the banks to their customers are highlighted below.
Pressurised Into Buying PPI
Many people were pressured into buying PPI insurance by bank representatives. They were told by the banks that they had to take out PPI insurance if they wanted their mortgage or loan application to go through. Others were also told that PPI was compulsory when an individual took out a loan or any other kind of financial product with a bank.
In reality the banks lied to their millions of customers about PPI. Payment protection insurance was neither compulsory when someone took out a loan or finance agreement and folks should not have been told that they had to buy a PPI policy if they wanted their loan or mortgage application to be approved.
Unsuitable For PPI
Rules created by banking regulators made clear that certain sectors of the UK population were ineligible for PPI and should not have been sold this type of insurance products. If you were in the following groups when PPI was sold to you then you may be able to make a PPI claim.
- The Self-Employed
- Contract workers
- Temporary Workers
- Part-Time Employed
- Under 18s
- Over 65s
- People with pre-existing health conditions
As we can see then, banks systematically mis-sold PPI and you could be eligible to reclaim any monies you paid out on this type of insurance.