PPI and Compensation – A Summary

21a6b0e80b284f7a85df37fbe2a4b200The UK banking industry has suffered greatly from the ongoing PPI compensation scandal, and with four million people having already claimed – and many more looking to do so – the collective lenders have been forced to set aside many billions of pounds to cover the cost.  The actual cost so far is said to be around £20bn.

Many people are still to claim, and there are some who are not sure what the scandal is all about: have you taken out a loan, a mortgage or entered into any form of credit agreement in recent years?  If so, you may have been mis sold PPI, and you could be owed all the fees on that policy and some compensation.  Make your claim for PPI compensation today – it could be worth thousands.

What is Payment Protection Insurance?

Payment protection insurance (PPI) is a policy that is designed to keep up the monthly repayments on a loan or mortgage – or any form of credit agreement – in the event you are made redundant through no fault of your own, or get injured – both reasons you can’t earn and pay.  The problem is that many such policies have been sold outside of the regulations.

Examples of Mis-Selling

Like all financial products PPI is covered by a strict set of regulations, yet an investigation by the Financial Services Authority a few years ago uncovered serious examples of the mis-selling of PPI.  Some people were led to believe they had to take a policy from the lender – they should have been given time to shop around – and others were not told they were paying into a policy.  Some were even sold policies that would be of no use to them (they were self-employed and therefore not able to use this insurance).  All are examples where PPI compensation can be claimed.

How to Make a PPI Compensation Claim

Making a claim for mis-sold PPI has never been easier, many people choose to use a claims handling company to make things easier still.  We have already helped many people make successful claims, and we also have a free ppi calculator here for you to use if you wish.  Using such a calculator is a good way of getting an idea of your possible repayment, but why not contact one of our experienced team of claims handlers for a more accurate assessment?  The industry average is a £2750 payment.

Our team of experienced claims handlers will treat your claim as a no win no fee* deal for added peace of mind, and we will keep you advised as to progress at all times.  You can also make a claim for PPI compensation by yourself too – you would need to contact your original lender or bank directly and follow the procedures they set for you.

However you apply for your claim, it is your right to claim if you have been mis-sold to, and the law will be on your side.

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