PPI Claim

Pedro_1970

Hi,

It would appear that I have a case for claiming for insurance policies mis-sold to me for my credit card and bank loan.

I have, however, claimed for both of these due to unemployment and then illness following an accident.

Would I still be able to submit a claim because of this?

Thanks

di3004

Pedro_1970 wrote: »

Hi,

It would appear that I have a case for claiming for insurance policies mis-sold to me for my credit card and bank loan.

I have, however, claimed for both of these due to unemployment and then illness following an accident.

Would I still be able to submit a claim because of this?

Thanks

Hi there

It is known there have still been success in making a reclaim, even though successful claims have been made, this is of course depending on your own reasons/circumstances you have.

If successful your refund will be reduced - due to being already paid out so much from the insurance.

There is a write up of Martin's below, good luck......


Have you already claimed on the insurance?
Until Jan 2010 it had been generally assumed you could not make a misselling complaint if you've already made a successful insurance claim because that would indicate the policy was suitable. Yet proposals from the regulator now mean more people could be entitled to compensation.

Anyone who has claimed on a PPI policy can still submit a misselling complaint, though the chances of success are unclear. However even if you're not successful you may be able to cancel your insurance.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist

Common_Sense_2

what you need to consider is this -- how much did your two claims pay out in benefit payment- and then compare that to how much you may get back as a result of your 'Miss-sell' complaint. probably not much!

At the end of the day - think about what would have happened while you were unemployed and then off sick if you didn't have the PPI - you were probably luck that you did have it!

src007

You may not have been mis-sold the insurance if it helped you out when you needed it.

Saying this, some policies are so expensive that its mathematically impossible to 'claim' more than you spend (they designed contracts where it was a mathmatical certainty that the consumer will lose out!)

I've seen policies where - if you used the insurance for one month -you could still end up £50'000 out of pocket.

If your mis-selling complaint was successful you would get a full refund MINUS the amount the insurance 'paid out' when you used it.

So it all depends on how much you spent on the PPI and how many card + loan payments the insurance covered.