ppi claimsThe numbers of people who are discovering that they have been misled into purchasing payment protection insurance is steadily rising. Thousands of claims have been made and thousands of people have been able to reacquire their money because they were not told the truth about the PPI they were buying. It’s even lead to cases where people who willingly purchased payment protection insurance know that even they have a chance to get their money back! It is not all right to scam anyone, and I’m not recommending this, but it just goes to show how deep the PPI problem runs and how many success stories are out there.

How do you know if you’ve been cheated in this situation? Many people figure it out when they notice the insurance on their loan paperwork and don’t know what it is. It is common for people to be years into paying back their loans only to realize that a large part of their monthly payments was going to PPI they didn’t know they were buying. Make sure to have a look at your loan agreement. PPIClaims.co is a great resource for understanding if you were taken advantage of in the selling of payment protection.

PPI providers are supposed to totally explain what they are trying to sell you, but it’s come to light that people are being misguided into buying the insurance through devious lies. You may already have already been insured through your personal or job insurance, but was sold PPI anyway. Another situation is the opt out, in which you have to tell them you don’t want the insurance. If you are not informed of this and say nothing, then you just bought yourself some insurance you don’t need. That is not honest business and is a case for reclaiming your money.

PPI is not for the unemployed. It’s not for retired people, either. If you are one of these two things and needed to invoke your insurance, it would not pay out. If you are one of these two and were still sold payment protection service, then you have a strong case for reclaiming. You must have been unemployed when the loan was agreed to for this claim.

There is also an age cap for the insurance. If you are older than the age cap, then you will not be covered by the insurance and should not be paying for it. Keeping a policy active after the age limit is one way that PPI is mis-sold to seniors. It has also been sold to people who were already past the limit and were not told that the insurance would be useless for them anyway.

You don’t have to buy payment protection insurance. If you were told that you didn’t have a choice, then you’ve been cheated. Sometimes people are told that it is required to qualify for the loan they are getting. PPI pushers have even used intimidation to sell the product. If you’ve been making payments that aren’t what you expected, then you could have been lied to about the price of PPI as well. These are all legitimate reasons for filing a claim to get your money back!