Am I Eligible for a Mis-Sold PPI Refund?
You may have purchased mis-sold PPI for a variety of reasons. Regardless of why, you are entitled a a full refund of any mis-sold PPI payments, any interest charged or other fees accrued on any and all mis-sold PPI plans.
When Am I Entitled to a Mis-Sold PPI Refund?
You may be entitled to a refund even if your account is currently open or closed, but you have a deadline: You must have purchased mis-sold PPI within the last six years or so. Only a few of the possible reasons are explained below.
Who Mis-Sold PPI?
We cannot give you a comprehensive list here, but the primary types of institutions and organisations include banks and credit card organisations and even telemarketers and sales staff. Inadequate training, oversight and care all caused PPI to be mis-sold. Known under such names as Loan Repayment Insurance, as Accident, Sickness or Unemployment Insurance cover or even Payment Protection Insurance, the majority of PPI plan purchases were not valid for many reasons.
Why Was PPI Cover Mis-Sold?
As indicated, above, the Financial Services Authority or FSA discovered several reasons PPI was mis-sold: Staff personnel were not adequately trained in PPI; you may have been told it was mandatory or otherwise falsely influenced, or you were not screened properly for disqualifying conditions. Another reason they were mis-sold is that sales personnel were paid on commission for sold policies, and they stressed benefits, not allowing equal attention to both disqualifying factors or cheaper policies elsewhere.
You might have been given the impression or told outright that you had to buy the cover or that your interest rates would be lower if you purchased it. You may not have been told that it didn’t last the entire term of the loan. The seller may not have explained that you were not qualified for PPI cover but sold it anyway.
Was My Purchase in Vain?
If you were a full-time student at the time, your PPI purchase might have been in vain.
If you were retired or older than the maximum age limit noted on the policy, you might have been mis-sold PPI.
Was the PPI Mis-Sold in Other Ways?
If two of you signed, but the cover only provided protection for one of you, you were mis-sold PPI needlessly.
If you were informed or the seller hinted that your interest rates would be reduced, you were mis-sold PPI.
If you were told you had to buy PPI from the seller organisation or that you might find PPI cover elsewhere, you were mis-sold PPI.
If you were not told a short-term PPI cover did not cover the term of your mortgage loan, for example, you were mis-sold PPI.
If you were not employed for any reason at the time you purchased PPI, your purchase was unnecessary, and you may be entitled to a refund.
Were You Not Employed by Others?
If either you were responsible for your own income – self-employed, retired or a student when you were sold PPI, you are entitled to a refund.
PPI pertains only to loss of income due to loss of job. If you are self-employed, you’re not “an employee.” If you were retired or too near retirement age, you might be entitled to a full refund. If you were a student when you purchased PPI, the cover did not pertain to your ability to find a job after graduation but loss of the job you held at the time of purchase. Alas, being a student is not considered holding a job for PPI purposes.
How to Claim Mis-Sold PPI Refunds
If you already filed a claim, but it has not reached the Omnibudsman stage, we may be able to help expedite your refund process. Contact an advisor before sending us any information.
If you either know with certainty or think you might have been mis-sold PPI, gather all loan and credit card paperwork and information, then call us. We can answer virtually any question you have over the phone, but we might need more documentation. Call us for a pre-screening consultation. If we believe we can help you claim a refund, we can outline precisely the documentation we will need. If you don’t have paperwork, we might be able to retrieve it for you.
If you were mis-sold PPI, don’t wait: You are due a refund. Contact us today.