Are you entitled to make a PPI claim? If you took out Payment Protection Insurance (sometimes called loan or credit protection or accident, sickness and unemployment cover) within the last six years, you may be entitled to your money back. You may even be able to make a claim for policies sold longer ago – just be aware that you will need full documentation because sellers are not obligated to keep the paperwork past six years.
PPI was usually sold with personal loans, mortgages and credit cards. Many people do not know why they have it or were told that it was a necessary part of the loan and this is what often forms the basis of a successful claim.
Even if you had everything fully explained and were given full terms and conditions and a cooling off period, you still may be eligible for a PPI reclaim if your policy excludes your being able to make a claim. There are a number of exclusions which might apply to you and mean that the policy was useless. For example, if you are retired and were sold PPI, it would have been wrong for you because all policies exclude payments to the retired.
If you have any doubts about your PPI, contact the organisation which sold it to you in the first instance, not the insurance company.
Sometimes, sellers may reject your PPI claims by because the sickness element would still be applicable. However, if you can prove that you would be able to fund yourself in sickness, again, this may not be relevant In any case, you should have been offered a cheaper policy excluding the irrelevant parts.
If they reject your complaint, ask for a ‘deadlock letter’ and you can then turn to the Financial Ombudsman Service, who will be able to help further.
