An estimated 2.5 million people were mis sold PPI and are entitled to make payment protection insurance claims. Â£4.5 billion is due to be repaid by banks and credit companies, and you could be entitled to make a claim. Payment protection insurance was mis-sold to people taking out loans, credit cards, mortgages and other lending products from banks for over a decade. It is a form of insurance intended to protect repayments of a loan, should the borrower become unable to make payments due to illness, injury, unemployment or death.
The PPI scandal involved lenders selling PPI either; without the policyholder's knowledge, with the impression given that PPI was not optional, with the impression that PPI would help with the approval of a loan or credit card or that PPI was sold without explaining the full cost or conditions of the insurance. Online, PPI was mis-sold when lenders provided pre-ticked boxes offering PPI, meaning that the borrower had to opt-out of the policy instead of opting in.
It was ruled last year that these selling methods are unethical and unacceptable, and banks and loan companies were told repay the millions of people who had been mis-sold PPI. If you have taken out a loan, credit card, mortgage or lending product which has been active in the last six years, you are highly likely to be entitled to make a payment protection insurance claim. Payment protection insurance claims average at around Â£2750, but they can be much higher. It all depends on how much the insurance was, and how long it was sold for.
To find out whether you have been mis-sold PPI, and to make a claim, speak to the experts at a claims management company. They should work on a no-win no-fee basis and offer a free assessment of whether you are entitled to make a payment protection insurance claim, meaning you have nothing to lose. The key to making a successful PPI claim is understanding what you are doing. Perhaps you have been given advice that you should claim PPI yourself, rather than turning to a claims management company. This is dangerous advice. Many people do not know how to approach banks to make a payment protection insurance claim, and those that do may find that they are no match for the high street giants and they are quickly dismissed.
It makes sense to let the experts make a payment protection insurance claim for you. It saves you the inconvenience, and the fact that it is being handled by those with considerable knowledge and experience improves the likelihood of a successful claim. So contact a PPI claims management company today to find out if you are entitled to compensation. Simply let them do the hard work and simply wait for your cheque to arrive.