Was I Mis-sold PPI?
If Any of These PPI Criteria Relate To You, Then You Probably Were
Was I mis-sold PPI? It’s probably the financial question of the last half decade, which isn’t surprising. With over fourteen million complaints already handled, it seems like just about everyone was mis-sold PPI.
Of course, PPI does actually have its place and for some people, it proved to be a very useful insurance to have.
With the plethora of media coverage the scandal has received over the last few years, it could be easy to think that all PPI is bad, which of course it’s not. So let’s look at the criteria for mis-sold PPI so you can figure out if yours was mis-sold or not.
Do You Remember Being Offered PPI?
It might sound simple, but if you have no recollection of being offered PPI or of it being discussed in any way, there’s a good chance your PPI may have been mis-sold.
There are quite a few ways that PPI could have been mis-sold, one of which was to simply add it on without your knowledge. If you don’t recall your bank, broker or lender mentioning PPI at the point of sale, it’s possible it was added on without your knowledge or consent.
In some instances, the salesperson put a tick in the box that says you have agreed to PPI and in other instances, that tick box was pre checked, whereby you had to opt out instead of opting in. If you weren’t made aware of this, then it’s quite likely your PPI was mis-sold.
Did You Meet The Relevant PPI Criteria For Being Eligible?
Not just anyone is eligible for payment protection insurance. In order to qualify for the product, you should have fit within certain criteria; failure to meet any of those PPI criteria would have made you ineligible. All too often , however, PPI was mis-sold to people that were outside of the necessary criteria.
Here’s a list of criteria that would have made you ineligible:
- You were self employed. PPI is only good for certain people that are employed on a full time basis. If you were self employed at the time of taking out your credit agreement, then it’s quite likely you were mis-sold PPI.
- You were too young or too old. Anyone younger than 18 or older than 65 at the point of sale would have automatically been ineligible for PPI. If you were outside the 18 to 65 age bracket, then you were probably mis-sold PPI.
- You worked part time or as a temp. When you arranged your credit agreement that has PPI attached, were you working less than 16 hours per week or were you working on a contract basis? If you so, you were ineligible for PPI and it’s likely that you can answer yes to the questions, was I mis-sold PPI?
- You had a pre-existing medical condition. If you had a health condition at the time of taking out your policy, it may have meant you were ineligible for PPI. Likewise, conditions such as back pain and depression aren’t covered by PPI, but can certainly cause a person to be out of work, or away for long periods at the very least.
Were You Already Covered Elsewhere?
If your household insurance, or any other type of pre-existing insurance policy, already covered you in the event that you lost your job, then having PPI tacked on to loan or credit agreement is doubling up unnecessarily.
If this applies to you, then it’s quite likely that you can answer yes to the question, was I mis-sold PPI and, therefore, should be in line for a refund plus compensation.
Bring Certainty to The Question, Was I Mis-sold PPI?
Have you been able to answer the question of whether you were mis-sold PPI, or is your situation different from what’s been covered here?
If you’re still unsure whether your PPI was mis-sold or not, we’ll be happy to give you advice so you get the clarity you need. It’s free to receive and there’s no obligation afterwards, so get in touch today and get the answers you need.
More Common PPI Questions
Having determined whether you were mis-sold PPI or not, you may be wondering how far back you can claim PPI or how to choose the best PPI claim company. Simply follow the links for in depth articles that answer those questions.