The media often make claiming PPI sound like a difficult and time consuming process – it can be particularly distressing for those who aren’t sure whether they’re a due for a refund or not, and in most cases puts people off claiming all together. Just remember that this is exactly what the banks and lenders are hoping for.
It used to be very difficult for those early claimers, however that is no longer the case because banks and lenders were forced to set up easy claim back solutions and systems. In March of last year, Barclays announced that their average PPI pay out was £1740, with an upheld percentage of 79 and this was because like all banks, they were forced to introduce policies to help the mis-sold customers.
You may now be thinking, ‘but I wanted a PPI policy, could I still be due a refund?’ There are a few examples in which you could indeed be due a refund.
- Most PPI policies had exclusion clauses for prior medical conditions – you should have been asked if you had any to begin with.
- PPI was sold to the self-employed or people who weren’t working and never had a chance to claim.
- Many policies attached to certain loans were what is known as single premium, where the charge was paid up front, so in effect the holder paid interest throughout the ten-year loan – it was often not explained that the insurance covered only half of this.
- The salesmen may have stated that you could only get the loan if you took the PPI policy out.
PPI was not only sold with credit cards and loans – you could have had PPI with a mortgage or a secure loan or even car or furniture premiums.
Before the middle of the last decade it would be common place to see a ‘Yes, I agree to PPI’ box pre-ticked by default if you were applying for finance online. This applied also to things like store cards, furniture and car finance, where the salesperson was often told they must pre-tick the box.
Whatever the situation you find yourself in, there is a high chance that you were being charged for PPI and you weren’t even aware of it. This was mostly found with loans, because the policy holder made the same payment each month and was never given a detailed breakdown of the amount.
If you feel like any of this applies to your situation, then don’t hesitate to begin a claim with our free claim check.