It can be confusing attempting to understand if the payment
protection insurance (PPI) policy you have, was actually mis-sold
to you.
Here we attempt to de-mist some of the fog that can surround
making a PPI claim.
#1 What PPI policy?
If you are asking yourself this question, you may be assuming
that you don't have a PPI policy because, surely you would
know?
But there is a problem and that is, many PPI were 'sold' to
customers by the bank or lender simply adding them to your account
without you knowing or, writing to you after they linked it to your
account, telling you how great it was.
This is wrong on so many levels but in terms of mis-selling, you
will not have had the policy, its terms and conditions etc.
explained clearly to you.
Our advice - check every credit product, from personal loans to
credit cards, for PPI even if you think you don't have a PPI policy
at all!
#2 Your employment status
The terms and conditions of PPI were fairly narrow. The only
people who were really covered were those in permanent, full time
employment working more than 30 hours per week.
If you were or are self-employed, unemployed, retired or working
in temporary or zero-hour contracts, then PPI is unlikely to offer
you any kind of cover.
#3 Your health status
Thankfully, most of us enjoy good health but when things do go
wrong, you need the peace of mind that any insurance policies you
have will pay out when they say they will.
With PPI, you don't have this peace of mind. Put simply, the
medical conditions it did and did not cover were again, fairly
narrow. There were exclusions too and unless these were pointed out
to you, you may have taken out the policy completely unaware that
it did not and would not cover existing medical conditions.
Neither did some PPI policies cover things like back injuries or
conditions, nor mental health illnesses either.
#4 An obligatory product?
When we apply for a loan etc., is it an emotive decision,
fuelled on by the need to have the money to change something. It
could be something as basic as buying a new boiler and other home
improvements, to upgrading the family car to a more reliable
one.
This changes how we view things and so when the bank or lender
said PPI was compulsory, customers didn't question it. PPI is not
compulsory thus, if you were given the impression that it was, then
you could have a claim for PPI compensation.
Find out more and start your claim today too, with Payment
Protection Scotland.