Myths About Claiming PPI Compensation
As a claim management company specialising in compensation claims for mis-sold payment protection insurance (PPI), we hear from a lot of people who think that they may not be entitled to their money back.
There are many articles and adverts that purport to tell us all we need to know about claiming PPI compensation. Whilst this information is useful, it can lead to some people thinking they are not entitled to claim compensation.
We want to clear up any confusion by explaining some of the more common myths that circulate about claiming compensation for mis-sold PPI…
I agreed to it, therefore I don’t have a claim
We can see how you could be confused. After all, if someone says ‘this is a really good policy, why don’t you buy it?’ and you agree, that you have no claim for compensation.
But, consider for a moment the information you were given at the point you agreed to buy PPI:
- Were you told it was a policy that was suitable? If so, why?
- When did this conversation take place? Was it at the time you were taking out a loan etc., or over the phone days, weeks or months later?
- Were you given all of the information about the PPI policy, including exclusions under the terms and conditions?
Your agreement to buy the PPI policy doesn’t mean that it was the right policy for you or that it was not mis-sold.
It was sold as part of a package
When you ask to borrow money, you don’t have to buy anything else other than the loan or credit card etc. you want. There is no ‘package’; there is no law or ruling that says you must buy insurance to protect the repayments on it.
The bank can offer various products to you, just as some high street retailers do when you buy an item from them. Just because you refuse to buy the ‘protect your appliance’ product doesn’t mean that the retailer will refuse to sell the item to you.
There are some cases in which a bank can insist you do have some kind of insurance, such as in the case of mortgages but – and this is the important fact – they cannot insist that you buy their insurance product and only theirs.
They can stipulate what the insurance product should cover, as a minimum but you are free to shop around and arrange your own.
There are many other myths about claiming PPI compensation and when you cannot claim your money back. Why not find out today if you can claim your money back? Call us now!