There is still approximately £5bn of payment protection insurance redress yet to be claimed by customers mis sold PPI, according to latest figures.
Payment protection insurance is a type of insurance taken out alongside a loan or credit card and designed to protect the policyholder should they become unable to work and meet the monthly repayments due to redundancy, illness or after an accident.
The nationwide controversy surrounds the manner in which payment protection insurance was sold however rather than the product itself; often policies were sold to customers who did not want, did not need or in many cases did not even know about.
Customers who believe they have been mis sold PPI have two options available to them when trying to make a claim for compensation; they can apply to their lender directly and then to the Legal Ombudsman if the original claim is rejected or they can employ the services of a company like PPI Return who will handle the claim on their behalf.
PPI Return have already helped recovered over £32m^ in compensation and understandably have had some very happy customers. This includes Mrs Dixon who really benefitted from having someone managing the claim on her behalf:
“I have disabled children to look after so wouldn’t have had the time or the inclination to pursue inappropriate selling of PPI so am glad that I have undertaken your services which have proved fruitful so far.”^
Mr Bell was another satisfied customer who benefited from our industry experience and know-how:
“Originally it appeared that my case was not valid because of the time-scale, but because of your approach to the provider they settled.”^
£403m worth of PPI compensation was paid out in January, taking the payment protection insurance redress total to £2.5bn since the start of 2011.
It is estimated the collective total earmarked by lenders to cover PPI redress is £9bn. To see if you have a claim for a mis sold payment protection policy, contact PPI Return today.