Before reclaiming PPI back, you should learn about the legal process involved. Generally speaking, you can get your money back if the insurance company mis-sold the insurance to you. This occurs when the salesperson misleads you or does not fully explain the terms to which you are agreeing. Those who have purchased PPI in the past, but do not believe that the insurance did what it promised can file a claim and receive reimbursement for their trouble.
The first scenario where you can get your PPI money back is if a salesperson pushed you into signing up for this additional insurance. PPI is not an essential form of insurance and, therefore, you have the right to opt out of it. If your insurance issuer made it seem like you needed PPI to borrow money for a car or home, you can reclaim this money. In some cases, credit card issuers have even told applicants that they would not approve an application unless they took out PPI, which is an example of a policy being mis-sold. If you do not know which steps to take, you can begin by seeking a claims specialist to help you out along the way.
When you sign up for PPI, your insurance should cover your loan if you are unable to generate enough money to make payments. In these situations, you would think that becoming ill or being unable to work would allow your insurance to kick in and help you out. In some situations, however, those taking out this insurance are not even eligible to have this insurance help them. If you find yourself in this situation, reclaiming PPI back is a great option for you. It is the responsibility of the insurance company to ensure that all people who sign up for these loans have a coverage plan that actually applies to them.
Situations have arisen in the past where a customer will not receive the benefits that a PPI is supposed to provide because the insurance has been mis-sold. For example, some insurance companies will void your coverage if you have a pre-existing condition, even if your insurer did not ask you about pre-existing conditions when you signed up. Some policies also do not cover you for certain types of injuries. If you end up hurting your back at work and learn that your policy does not cover you in the case of a back injury, you should not have to pay for this coverage.
Under any of these circumstances, reclaiming PPI back can help you receive reimbursement for mis-sold insurance. If you were not clear about any of these issues when you purchased your insurance, you are legally entitled to reclaim PPI. Learn about the process before you file your claim, since you want to make sure that you are eligible beforehand. There are laws in place to help you to get your money back when someone mis-sells you insurance.
Vincent Rogers is a freelance writer who writes for a number of UK businesses. To learn more about Reclaiming PPI back, he recommends Randall and Vickers Ltd.