Many people are wondering why their PPI claims were refused by the lenders and insurance companies. They felt cheated and furious inside at how things went for them despite paying faithfully the PPI premiums. You may be one of them.
Here, are some cases where you might have been mis-sold with PPI cover:
- You took the insurance when you were still a student, unemployed or self-employed. In such a case, it’s impossible to make a valid PPI claim in the future.
- At the time when you purchase the insurance, you had a pre-existing medical condition that prevented you from working and as such, it made you ineligible to make a claim.
- The whole cost of the PPI cover was not thoroughly explained to you or the cost of the loan was only discussed without even touching the subject of PPI yet you were charged to pay for it nevertheless.
- The insurance company or the lender told you that the PPI was compulsory and so, you had no choice to buy it.
- You already were beyond the age limit of the PPI cover and yet the PPI was still sold to you. Most PPI policies have an age limit between 65 and 70 and if you were older than that during the time of the purchase of the PPI, then you were certainly mis-sold.
- You already had an alternative payment insurance and yet you were not told about it, you can surely make a refund.
- You are paying for a PPI cover that you didn’t know in the first place. This could be because of a deliberate part of the insurance company or the lender to purchase the PPI cover or you might have missed to check an ‘opt out’ box. If you can’t remember being asked to check the box, you can make a claim.
These are just some of the few cases where consumers like you might have been mis-sold with a PPI cover. You can complain to the concerned lender or insurance company and if they don’t respond, you take your complain to the Financial Ombudsman service.