You have no doubt heard about PPI in the news and from experts like Martin Lewis over the last couple of years and you may have even made a claim from your bank or credit card issuer but did you know that Payment Protection Insurance was also sold on vehicle loans too? Yes this did happen and people have successfully claimed back thousands of pounds from mis sold loan policies for all sorts of vehicles, including cars, motorcycles and you’ve guessed it, trucks. The question you’re asking now is, how can I do this and am I eligible for a PPI refund?
How do I claim it back?
Well, at the moment to make a claim you need to prove that the PPI was actually mis sold to you. Generally this means a policy that you were unaware you even had or one that you would never have been able to claim on due to the rules of the agreement. For example, although this doesn’t usually include truckers, anyone that was unemployed or retired can almost certainly have grounds for redress. More likely is the fact that many truckers are in fact self employed and it just so happens that being self employed is reason to claim back PPI.
Before I go on it’s worth knowing that a new round of claiming is being talked about which would mean even more people will be able to get a refund, check this newspaper story here: http://www.theguardian.com/business/2015/jul/30/banks-face-ppi-compensation-bill-commission
Just in case you have been living in a box for the last 3 years here is a brief history of what PPI is and what it was for. Payment Protection Insurance was included with loans and many other financial credit products to insure loan payments were still made in the unlikely event of lost income due to loss of job or an accident that stopped the insured working. On paper it seems like a good idea, after all in these unpredictable times you could quite easily find yourself unemployed. The problem with it though was that most people didn’t need the insurance because they were already covered by their bank. Add to this that as forementioned being unable to claim, many were paying for insurance that could never be claimed on.
Where can I get information about claiming back PPI?
There are many websites online with information about this subject and most are very helpful, such as Martin Lewis PPI website and PPIGuru.co.uk, however some are companies trying to make money from your claim by acting as your agent. These agents usually operate on a no win no fee basis to recover compensation from your creditors. You need to be aware that most of the time PPI is totally claimable on your own by filling in a simple questionnaire from your bank or credit card company. With car loans, or in this case truck loans, sometimes it’s not so simple and you may need expert financial help or to go with a PPI claims company.
So as you can see this whole palaver is the result of greedy banks and insurance companies trying to pull a fast one on the UK public yet again. At least this time they are actually paying back what they took!