As many will know, the Financial Ombudsman has moved the PPI deadline back from 2018 to the summer of 2019, but this isn’t necessarily an indication that things have gotten any easier.
The lack of simplification for claiming back PPI has been one of the main complaints brought forward by Which? and other consumer groups over the years.
Figure Out How You Were Mis-Sold
Employees for banks and lenders were never able to force retirees and the self-employed, for example, to purchase a Payment Protection Insurance in order to get a loan. This was just another instance of underhand tactics in order to earn commission from financial products.
If you were essentially forced into purchasing a PPI policy, after you were told it was necessary to take out a line of credit, then this was wrong. If you weren’t told you could purchase PPI from other sources other than that particular bank or lender, then you were mis-sold.
PPI Is Effective
PPI is, despite popular belief, a very effective product. It protects your loan repayments for a year after becoming active. Banks and lenders will honour PPI upon request and allow the insurance to fulfil its requirements, so long as it is sold properly.
Unfortunately, there are so many instances when it has been mis-sold and people haven’t been able to activate it, simply because they were never eligible for it to begin with.
Because of the notoriety of the product, many people believe it to be faulty and a waste of time. This is not the case; if it was sold properly in the first place, then it could really help someone in need. However, too many people were unable to see the benefits of PPI.
Proof of Mis-Selling
It’s important that you assess your paperwork to prove that you were mis-sold PPI. It’s important to understand your rights as a consumer when claiming for insurance. You are eligible for a refund if you are able to prove that you were: unwell, retired or self-employed during the purchasing phase.
It’s your job to prove beyond reasonable doubt that you were mis-sold, so it’s very important you clearly define your circumstances to the bank or lender. is nowhere for them to go, and no excuses to make.