PPi reclaim- can i do it?

bam77bam

a few years ago i was made redundant and used my PPI on my mortgage and credit cards, I was not at the time made aware that the PPI was only valid for one year( iwas young when i took out these 2 things and didn't really understand what i was signing up for!)- this was a shock when my time was up and was no longer covered by PPI- is this classed as misselling?

dunstonh

No it is not mis-selling. Your lack of awareness or forgetting what you were told or not reading your literature is not the fault of the person that put it in place.

It is estimated that you forget around 70% of what you were told in a few weeks. Let alone a few years. You cant prove what was or wasnt said and your recollection will be weak at best. Facts and documentary evidence are King in any complaint. PPI plans only pay out for 12 months. That is their nature (a few go to 24 months but they are rare).

Mis-sale is more when the product wouldnt have paid out at all or it was set up wrong.