When should you reclaim PPI?
A PPI or payment protection insurance should be an option which the borrower of a loan can choose to buy for protection from financial crisis in case of any unexpected illness or accident which leaves the borrower incapable of repaying the loan.
However, PPI is being sold to borrowers without them being informed of what they are buying. You can reclaim PPI if you think you have been sold it fraudulently. You have been sold PPI fraudulently if you did not know that you were buying it. Ask yourself if you need this insurance. Were you also given the impression that insurance was mandatory? And did the term of the policy cover the entire term of the loan? Does the PPI actually provide any cover to you? Has it happened that you have had to borrow additional funds simply to pay the premium?
Your answers to the above questions should tell you if you were mis sold the PPI. In such a case you can reclaim PPI by getting PPI claim professionals/solicitors to take up the case for you. Make sure you have all the paperwork with you. . You can reclaim PPI on old loans or loans that you have already paid back entirely.