If you have taken out a financial product in the last ten years such as a mortgage, personal loan or credit it is almost certain that you were sold payment protection insurance from your lender. PPI ideally covers your ability to repay your debt should you find yourself in difficult circumstances such as injured or unemployed, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold.
For the past decade, lenders have raked in an estimated 3bn by using the loophole and avoiding payouts at all costs. Although arguably getting by on technicality financial watchdogs have deemed them to be in breach of financial practice. Many high street lenders have been slapped with fines of up to 7m and stand to lose much more from refunds.
The scale of this fiasco ballooned with the help of bank salesmen who would often demand you take out the PPI if you wanted the loan, an obvious lie, in order to boost their commission. In some instances the small print was the only mention of the compulsory PPI that would be added on to your product but not mentioned in your quote, by signing the contract you implicitly agree to pay for it.
By their very definition, some people are ineligible for PPI and have still been paying for it, for example if you are above the age of 65 you will not be able to make use of PPI as you are above the age of retirement. Anyone who has paid for PPI over this age is legally entitled to a full refund.
Self employed consumers are considered to be in a less stable financial position than someone in full time employment so you will not qualify for payment protection insurance, however, your lenders will be more than happy to offer it to you with no intent to pay it back to you.
If you pay for insurance you will usually be required to present a copy of your medical records so brokers can determine if you are more likely to need to claim and if you have a history of illness or any other medical ailments, you will not qualify for PPI. Surprise surprise, lenders will be very keen on ensuring you take out PPI even with your medical record in their hand, knowing you will have no chance of being covered.
If you have been sold PPI and fall into one of these categories you are probably entitled to a refund, but it is more than likely that you will be entitled to a refund regardless. If you want your money back you will have to chase the banks for this and it is often easier to het the help of a legal professional.
If you are looking for good PPI claim then talk to Donns LLP who can guarantee to help you PPI claims