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Examining Your PPI's Employment Clause.
If you have been making payments for PPI, a reclaim is possible if it can be proven that you didn’t need unemployment cover, if you weren’t eligible for one, or if the issue of your employment status was never discussed at all.
The first thing you need to determine is whether or not your PPI was unsuitable for your particular circumstances.
Essentially, PPI protects you and the bank in case you are unemployed and are no longer able to make payments on your loan/debts. However, it’s important that you carefully check the wording on your policy. Self-employed individuals, for example, have certain limitations for PPI claims. They are only able to file a claim if they have declared themselves bankrupt or have informed the Revenue that they have given up work. Those with short-term
contracts are excluded.
If the PPI was Unsuitable, was It Improperly Sold to You?
Now just because PPI was unsuitable for you doesn’t automatically mean that it was improperly sold. You just need to check if the salesperson bothered to verify if the policy was suitable for you or not. Keep in mind that the issue here is your employment status at the time you took the policy. Obviously, it’s not the salesperson’s fault if you were employed then but are now self-employed. It’s their fault, however, if they never bothered to educate you about the policy’s employment clause and limitations.
So, it’s very likely that the PPI was improperly sold to you if the matter of your employment status never even came up, or if you told the salesperson about your employment status and they told you to get the PPI anyway even though it was unsuitable.
The Issue of Age
The majority of insurance policies have an upper age limit, which is usually pegged at 65 - 70. If you were older than this age range when you took out your PPI policy, then that’s enough proof that the PPI was indeed improperly sold to you. In line with this, retired individuals or those who are about to retire are also unable to file a claim. So, if you were already retired when they sold you your PPI policy, then it means they mis-sold it to you as well.
On the other hand, if you were still below the age limit when you took out the policy and you passed the age limit soon afterwards, your cover (and therefore your insurance payments) should have stopped at that point. If for some reason the lender continued to accept your PPI payments, then you are entitled to a refund of all the payments you made since you passed the age limit. This should be a rare occurrence—the records of the providers should have notified them of this—but then again we are talking about people who improperly sold PPI on a massive scale so you can’t really trust them.
Read the terms and conditions of your PPI policy to determine if you have grounds to file a PPI claim.