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Could you reclaim PPI premiums?

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Payment protection insurance policies get widely mis-sold, but there are ways to claim your money back.

Payment protection insurance, or PPI, is an insurance policy designed to help people meet mortgage and loan repayments if they fall ill and are unable to work, or lose their jobs.

However, in the past PPI policies have been widely mis-sold with cover being sold to people, such as the self-employed, who would be unable to claim on the policy. Often certain common medical conditions such as stress or a bad back are excluded too.

If you were mis-sold PPI you can claim the premiums you paid back from the bank or other organisation that sold you the cover.

You may have a case for mis-selling of PPI if you were sold a policy while you were self-employed, unemployed or retired – all of which make PPI difficult to claim on.

Also when you were sold the policy, the sales person should have warned you if the policy didn’t cover you for certain illnesses such as mental illness or back trouble. In addition some pre-existing conditions might not be covered and this should have been explained when you took out the policy.

If you’ve got a complaint about the way a PPI policy was sold you should write to the financial company who sold you the policy. Financial services companies must respond to complaints within five days, and resolve them within eight weeks. If they do not do either, or you are unhappy with their response, you will be able to put your claim to the Financial Ombudsman Service during the following six months.

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