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Are you owed thousands from mis-sold PPI?

The employees of Britain’s banks manage the UK’s largest protection service – something which is quite shocking considering the scandal surrounding mis-sold PPI. Over a period of years banks and other lenders were found to have mis-sold these policies, leaving millions of people out of pocket. Now that this scandal has come to light it is time for you to reclaim any money which you are owed – so how much could you be entitled to?

PPI mis selling has led to public discomfort, as many learn they have been misled by their banks or lenders. The important thing to remember is that you can get your money back – all you need to do is make a claim for mis-sold PPI.

There have been thousands of claim successes for individuals who were affected and, since the hold was lifted in May 2011, there have been more and more claims being granted in quicker time scales.

PPI was mis-sold so often because sales staff were offered such massive incentives to push products whenever the opportunity arose. This put sales staff under extreme pressure, prompting some of them to stray from the standard procedure.

There are many ways in which you may have been mis-sold PPI, and the possibility of reclaiming depends on how you originally signed up.

Some possible situations when you may have been mis-sold PPI include:

1. Online - many people apply for loans online but unfortunately it is more difficult to reclaim PPI if a loan was taken on the internet. However, if you signed up with a provider that was using pre-ticked boxes you may have had to remove the tick to include insurance, rather than choose that option yourself. All lenders stopped this method in July 2007, so if this is reminiscent of a loan before this date, then check urgently as you may have bought payment protection insurance without realising.
2. In person- the salesperson that dealt with your loan was responsible for ensuring you understood the terms of any PPI that was discussed and is therefore responsible for any mis-selling. This also relates to anybody who took out a policy online but was later called about the insurance and discussed it with an individual. During discussions you may have been informed that insurance was compulsory – which it is not – or you may have been offered it even through you were not eligible for it. It is therefore vital that you check whether you suffered from either of these scenarios and make your claim accordingly.

If you think you have been mis-sold PPI and therefore think you have a case for complaint you need to write and complain to your lender.

In most cases, the lender rejects the claim and this means you will need to take your claim to a dedicated claim service. PPI Claimline claims can help individuals to gain access to money they are owed and are an example of these dedicated services.

They will handle the claim for you, referring your case to the Financial Ombudsman Service (FOS) if and when necessary, and thus making the process much easier for you to manage.