How to claim back PPI

Payment protection insurance is a good way to be able to protect yourself from getting into trouble should you find yourself in a situation where you are unable to make your monthly payments. This is why it is recommended that people who take out a loan, sign up for a credit card or mortgage their home be recommended to take out a payment protection plan. But this is not recommended. This is one of the reasons why a lot of claims of wrongful selling are now coming up. A lot of people find themselves paying for payment protection insurance plans even though they did not specifically ask for it. If you find that you are one of these people, then you are eligible to make a claim and claim back ppi premiums.

You first need to check your eligibility. There are some factors that will affect this, such as the following:

  • If you are not in the ages between 18 and 65, then you are eligible to make a claim. Only people who are in this age bracket are allowed to make use of payment protection insurance, so if you were not in that age bracket at the time that the insurance plan was sold to you, then you are eligible to get your money back.
  • If you were sick at the time that you were sold the plan, and you knew that this sickness would prevent you from working, then you are eligible to make a claim. This is because the fact that there was a pre-existing sickness would not have made you eligible for the payment protection insurance in the first place.
  • If you were a student, not employed, self-employed, retired, or working for less than 16 hours a week during the time the payment protection insurance was sold to you, then you are also eligible for the claim. You have to be working at least 16 hours a week by being employed by a legal employer for you to be eligible for payment protection insurance.
  • If you were not aware that the payment protection plan was sold to you, then that alone actually makes you eligible for making a claim.
  • If you knew about the plan, but they made it feel like it was needed, then you are eligible to make the claim. PPI is not a necessary addition to your plan, and anything that alludes to it being required is considered as fraud.
  • If you were told that if you took out the plan, then you would have more chances of getting the loan. This is also fraud, seeing as this should not have any effect whatsoever on your chances to get a loan.

These are the factors that you must think of. If you check any or all of the factors, then you are definitely eligible to get back your premiums, plus the original amount that the plan was sold to you. Remember that there are now many people who are trying to get their claims, and this is because there are many plans all over the world that are being wrongfully sold. You will have a lot of competition to try and get the attention of the company, so you may need some help. If you want to hire a company, there are many firms that specialise in assisting consumers with reclaiming PPI. Ensure that you choose one that is regulated and which doesn’t charge upfront fees.