Who Should Make a PPI Claim?

You may wonder whether you should make a payment protection insurance claim. There is a lot in the media about the miss selling of PPI and people making claims. You may wonder whether it is worth you trying to make a claim as well. It can seem like an easy way to get some money, but you can only claim if the PPI was miss sold to you.

PPI is often sold alongside loans. This means that if you have borrowed money in the past, then you may have been paying PPI. If you knew about the insurance and wanted it, then you cannot make a claim. You may have even have had to use the insurance, if you could not make a loan payment and in this case you will not be able to claim. However, there are quite a few cases where you might be able to.

The miss selling took different forms. Some people were told that they could not borrow the money without having the insurance. It is not a legal requirement and so anyone that was told that and would not have taken out the insurance otherwise, could make a claim. Some people were sold PPI and would never be able to claim on it. You have to be in work and then lose your job, to be able to make a claim and it was sold to students and retired people who did not have jobs in the first place. Some people did not know that they were paying PPI, they were not told about it and it was just included in their payment without them knowing it was there.

If you were in any of these situations, then you can make a claim, so it is worth digging out your loan paperwork and seeing exactly what you were paying for. If you do not understand the terms and conditions or cannot find them, then a PPI claims company could help. You can ask your lenders to provide you with the terms and conditions but be sure to ask for the ones that were produced at the time that you took out your loan rather than current ones. You can either study these yourself or send them to the PPI claim company to look at and you will be able to find out whether you were being charged for PPI or not.