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Are you eligible for a PPI claim
A recent high court ruling mean that Britain's banks will be forced to re-examine thousands of claims over the mis-selling of payment protection insurance (PPI). It could lead to payments of up to £4.5bn in compensation.
PPI insurance is sold to consumers when they take out personal loans, credit cards and other forms of debt. It is designed to meet their repayments in the event of accident, sickness or unemployment. However, many customers with PPI policies have discovered that they would never qualify for a payout due to exclusions in the terms and conditions. Others had signed up for PPI without even realising they had done so.
The clearest cases of mis-selling are those where customers were sold the insurance when they had no chance of claiming on it. If you have PPI, you might wish to check if any if the following scenarios apply, to see whether you may have grounds for a claim:
• If you were not employed at the time you took the insurance
• If you had a medical problem that could have kept you from working
• If you were sold a 'single premium' policy
• If the entire cost of the PPI was not explained to you
• If you were told the insurance was compulsory or if important features of the loan were not explained
•If you were older than the age limit for your policy when you took the insurance
• If you were sold your PPI by one of the firms that has already had action taken against it
• If you already had alternative cover that could insure your repayments but were not asked about it
• If you bought PPI to cover a long term loan
• If you have noticed you are paying for PPI that you didn't know you had