Who is entitled to PPI claims?
For years now you may have heard about the PPI mis-selling scandal, but the fact is many people are still not aware of the fact that they should make PPI claims in order to get their money back. However, not everyone who had a PPI policy is eligible for a payout, so you should first determine whether you are eligible for a claim or not.
How to find out if you had a PPI policy
The most common way people find out they had a PPI policy is by reading letters issued by their banks, which inform them they may have been missold PPI. It is advisable not to ignore the letters, because this is the easy way of getting a refund of your premiums without actually having to make a PPI claim by yourself.
However, not all banks are writing all their customers, so another method of finding out whether you are entitled to a refund is by going through your old statements for previous credit cards and loans in order to see if PPI was included. Remember that premium protection insurance may not literally appear as "PPI" on the statements, so you should investigate thoroughly for anything that is related to insurance.
There are a few typical situations where people have been sold PPI without a chance of ever claiming it back. It is thus impossible to make a valid insurance claim if you were unemployed or retired at the time you took the insurance. This is also true for those who had medical problems that kept them from working and they were not explained clearly that could not make a claim. You are entitled to PPI claims if you were told the insurance was compulsory.
Other instances that can make you eligible for successful PPI claims are worth exploring. For example, if you have not been explained the entire cost of the PPI or if you already had alternative cover (such as a redundancy package), you can make a claim. In most cases, you should be entitled to all the premiums you have paid plus interest.