From radio ads to television commercials, everyone is talking about mis sold payment protection insurance. Yet despite all this attention there are still millions of people who have not yet reclaimed PPI.
Payment protection insurance is a type of insurance policy that is taken out with a loan or credit card which protects you should you become unable to meet the repayments due to redundancy, injury or illness. Whilst on paper, this sounds like a good policy to have especially in the current financial climate, the controversy stems from the manner in which policies were sold.
Lenders mis sold payment protection insurance in many different ways. Policies were mis sold to the self employed and to those with a pre-existing medical condition, both of whom would have been unlikely to make a valid claim against the policy.
In some cases, PPI was all but forced on customers with some lenders implying the credit agreement would not be accepted unless they take out the policy whilst others outright lied and told customers PPI was compulsory.
Worst of all, though, are the customers who are completely oblivious that they even have, and are paying for a policy, as the lender simply added PPI to the agreement which the customers consent or knowledge.
If any of this is sounding familiar, you could be entitled to PPI compensation.
There are two ways in which you can try and reclaim PPI. The first is to take on the case yourself and apply directly to your lender and then, if your claim is rejected, to the Financial Ombudsman Service. Despite losing their High Court case regarding PPI claim handling, lenders can still drag cases out and, in our experience, miss deadlines, make incorrect offers and reject claims with little or no explanation.
Your second option is get some help from someone like us. We can lift the burden of making a claim as well as using our knowledge and expertise to help you obtain the right amount compensation as quickly as possible.
For more information and to find out if you could have a claim of mis sold PPI compensation, complete our online claim form.
Content correct at time of publication