Customers who have taken out a loan, finance agreement or credit card face a long and chaotic battle with their lender if they took out payment protection insurance ( PPI ) on the loan and wish to claim it back. PPI is intended as an ‘insurance’ policy covering repayments on the loan in the event that the customer is unable to make the repayments in exceptional circumstances, such as illness or injury.

You may be entitled to claim your PPI back if you believe you had been given the wrong advice on PPI at the time of taking the loan, or had been sold a PPI that didn’t cover your requirements. There are some cases where the customers were not even made aware of the fact PPI had been added to the cost of their loan, inadvertently making the repayments every month for a product they didn’t require or did not ask for.

There are steps you can take to claim you PPI back if you believe you have a genuine mis selling case, begin by asking yourself the following questions:

Think back to when you made your load agreement, was it within the last six years? If you did take out the loan in the last six years then you are eligible to reclaim.

Did you take out your loan and policy more than six years ago but the loan and policy are still active? Again, if you answer yes to this you can still make a claim, however your chances of success are reduced. If you no longer have the paperwork to support your loan, ask your lender for a copy.

Is your policy older than six years? If you took out your policy more than six years ago and the agreement has ended, and you do not have the paper work then it is unlikely that there will still be records and unlikely that the claim will be successful.

Have you already claimed on the policy? If you have already claimed on the PPI policy, then you can still submit a claim if you believe you had been mis sold for any reason. However as you have claimed, you must be aware that your chances of success are slim, however one possible outcome is that you will be able to cancel the agreement.

If you believe you have been Mis Sold Payment Protection Insurance ask the experts to help. Contact Donns LLP to help Claim Payment Protection Insurance back.