You can make a PPI claim if you had been mis-sold Payment Protection Insurance on store card, overdraft, car loan or a catalogue. But there are certain policies that have not been regulated properly especially the ones that have been in existence before 2005. You can get PPI help from financial assistance services like the Financial Ombudsman Service or approach a PPI claim agency.
Making PPI Claims in Mortgage PPI
Mortgage PPI has not been mis-sold that much as a proper PPI policy with a mortgage provides cover for repayments in case of the borrower not being able to do the repayments properly like if any instance of illness, unemployment or accident. Lenders can insist on a PPI being taken for approving the mortgage, but it need not necessarily be engaged with them.
Factors in Mis-selling
You can claim for a PPI that you had wanted while signing for the loan, provided it was mis-sold to you. The provider should explain about the PPI basics to you before you purchase the policy. For instance, in case of your being self-employed while you had taken the policy that intends to provide cover for unemployment, it is considered as inappropriate.
In case the provider has sold the policy without completely explaining its terms or saying that it was necessary for taking the loan, then it is treated mis-sold.
Deciding the Eligibility
The information that you provide in the PPI complaint should meet with the guidelines set by the regulating authority. Before signing up with the bank, it should have verified your eligibility of taking the policy by explaining the exclusions and the cost involved. If this did not happen, you can get PPI assistance for getting compensation.
Although it was ruled by the High Court that banks that were guilty of systemic mis-selling of PPI should contact the customers concerned directly to provide a refund, this doesn’t really happen. For most cases, the borrower should write to the bank directly or go through claim agencies to deal with PPI claims: see www.PPIClaimsAdviceline.com.