Reclaiming PPI (Payment Protection Insurance)
If you have ever had payment protection insurance, but think that you might have a case to reclaim the money you spent on it, then youre not alone. Our guide looks at a few different scenarios in which this might happen and why you should reclaim your money. One reason is that if you have been mis-sold payment protection insurance, then it makes sense to claim your money back because you might not have wanted or needed 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.
Particularly if your payment protection insurance case dates back over a few years, then there is potentially quite a lot of money at stake here – it could be into the thousands, meaning that this is money you cannot afford to ignore. So, if you think you have a case to reclaim the money, do not hesitate to get in touch with your lender. If you don’t do anything to reclaim it then your lender will just keep it as a profit so it’s definitely worth giving it a go.
Finally, if you are eligible to make a claim for the money you spent on payment protection insurance but are hesitating over it, then don’t worry. If you have a case then you are entitled to make a claim. There is now a precedent set to get back your money and even if it is only a small amount, it is the principle of it that means you should make a claim. You can even do it without a solicitor so you won’t have to worry about any extra fees.
Further Reading : HSBC PPI
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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