subject: Ppi Who Can Claim Their Money Back? [print this page] With the media being full of information about how many payment protection insurance (PPI) policies have been mis-sold people are looking to claim their money back. It was an unfair occurrence which meant that banks and loan providers mis-sold these policies to people who were taking out loans with them. Therefore, it is understandable that people want their money back.
Firstly, it is important that people establish whether they have PPI or had it on an existing loan that has now been paid off. Obviously people will be unable to reclaim PPI if they never had a policy in the first place. People might not even realise that they have been sold it, let alone mis-sold it.
Checking statements can be a good and easy way for someone to find out if they have been paying for PPI if they have a credit card. However, the best way is to contact the lender as they will have all the relevant details for the borrower.
There are a number of people who were mis-sold the insurance as they did not have any chance of being able to claim on the policy. This includes people who had a medical issue that could prevent them from working and they had it when they took out the insurance. The insurance and its limitations should have been fully explained to them, if it was not, then it was mis-sold.
If the PPI costs were not explained to the borrower properly then this too is grounds to claim as it was probably mis-sold.
Many people were also led to believe that the insurance was compulsory, again in this case they are able to claim.
The good news is if the company that sold a borrower its PPI has already had to repay other customers then there is a good chance that others can claim and be successful.
Basically if the PPI and its related features were not explained to the borrower or they were not explained fully then there are good grounds to be able to make a claim and have the money reimbursed.
There are upper age limits with the majority of policies so if the borrower was above these limits, usually around 65, when they took out the insurance then they can make a claim to recover their money.
PPI usually only lasts for five years so if the loan life lasts for longer than this then there is the possibility to make a claim if this information was not fully explained to the borrower.
