Why you may be eligible for PPI Insurance Compensation

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by: BTLewis
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Date: Mon, 6 Feb 2012 Time: 1:10 AM
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Customers who may be affected by the PPI insurance scandal shouldn't waste another heartbeat reading this article; they should get straight to the matter at hand by looking for their relevant loan documents and reclaiming possibly thousands of pounds of PPI payments taken by their bank pointlessly. And then come back and finish reading the article.

How do you know you have been affected?
There are a multitude of reasons why someone may be eligible for PPI compensation - many of them concerning how the PPI insurance was sold to the customer and their status at the time - taking into account factors such as a customer's age, their employment, the conduct of the staff who sold the PPI and the conditions stipulated on the application forms (whether boxes were already ticked or not) among others.

PPI insurance was sold alongside loans, credit cards and mortgages, and as it turns out, it was mis-sold to millions of customers.

Some of the ways in which you could qualify for mis-sold PPI compensation:
• Being retired. Someone who was already retired when the policy was sold to them is not eligible to claim on the policy to its full extent;
• Being under the age of 18 and over the age of 65;
• The staff member who dealt with the PPI told you that it was essential if the loan or mortgage was to be agreed;
• The staff member who dealt with the PPI told you that your medical history would not make the policy invalid;
• The staff member who dealt with the PPI ignored you when you told them you already had a different insurance policy that would cover the loan;
• The staff member who dealt with the PPI coerced you into buying the policy;
• The staff member who dealt with the PPI didn't offer a clear choice between taking the loan with the PPI or taking the loan without - making you assume that the PPI was part of the agreement (when it definitely wasn't);
• The box on the contract that said whether you wanted to take out PPI alongside your loan was required you to opt-out, rather than opt-in;
• You were self-employed, employed on a contract basis or employed on a temporary basis when the PPI insurance was mis-sold to you;
• You were unemployed and therefore unable to claim on the policy;
• You were due to retire, and the staff member was aware of this when he/she sold you the PPI insurance;
• You had a pre-existing illness or medical condition that made you ineligible to claim on the policy if you needed to. This means you wouldn't have been able to claim on the policy.

These are all perfectly valid reasons to suspect you were mis-sold PPI insurance. If any of these apply to you, and the bank declines to pay back money they deviously took from you, then contact the Financial Ombudsman service (FOS) or a Claims Management Company (CMC) of good repute to take the battle to the courts on your behalf.

While taking it to the CMC cost you a portion of your compensation should you win, it can relieve the stress of the claiming process. This could be a really good venue to walk down if you want someone well-versed in a bank's strategies and tricks to stop paying out.

About the Author

Bryan Lewis has been following the PPI scandal for some time, writing for one of the UK's leading claims management companies.