How to Reclaim Mis-Sold PPI (Payment Protection Insurance)

PPI loan protection is known under many different names such as; Payment Protection Insurance (PPI), Payment Care, Accident Unemployment and Sickness and Loan Protection.

What exactly is PPI Loan Protection Insurance? It is a policy that is supposed to protect your loan repayments should you for no doing of your own become unemployed, sick or suffer an accident during the term of the loan

Why is there a problem with PPI Loan Protection? Millions of people have been sold policies that they should not have been in the first place...

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Many were offered single premium PPI, were self -employed, had pre -existing ill health conditions, were unemployed, too old to qualify forced into taking it out or simply had no idea they had a policy

You may have unknowingly had more than one PPI policy; here's how this could happen

You have PPI added on to your credit card balance; in the past you may have had a home improvement, such as double glazing or new conservatory, with PPI added then you took out a separate bank loan or second mortgage and again the same thing happened

You literally could have paid thousands in premiums and interest combined; if you've been mis-sold; this is rightfully your money to get back

Banks, Credit Card, Insurance and Finance companies are in hot water with the regulators for having poor sales controls in place

Recently; Alliance and Leicester were fined £7 Million by the FSA for inappropriate PPI selling and that's likely to be the tip of the ice berg...the claims flood gates are about to open

Just about every consumer watchdog; from The Citizens Advice Bureau (CAB), Competition Committee, OFT, FSA and Which magazine suspects foul play

Which, the online magazine even quotes up to 2 million people are affected by this scandal; the true figure is likely to be higher, with 20 Million policies sold

Why you shouldn't delay registering a claim if you believe you've been mis-sold

Because the bank and loan companies can legally use a six year rule which immediately starts to countdown; like a time bomb just waiting to explode, this could mean you miss out on compensation that could be worth thousands of pounds if you register late

What this six year rule means Once you become aware of a problem with your product you have usually no more than six years to legally make a claim, this can be extended but it's wiser to be safer than sorry

Here's an example when thousands of people were caught out by claiming too late lost Remember the endowment mis-selling scandal when hundreds of thousands of innocent people complained too late, many missing out on MASSIVE compensation because of this Time Bar rule

How to make a claim The two most popular options are

1. Using a respected, regulated claims handling company. Charges are typically 25% plus VAT for handling your claim, usually on a "no win no fee" basis which means you don't pay a penny if you don't win compensation. You'll still be expected to pay anywhere up to £10 per account you're claiming for by your bank to send copy statements to your claim handling company. This is normal.

2. You can raise a claim directly to the Bank yourself. If your claim is rejected then you can go the Financial Ombudsman Service (FOS) who will investigate for you. However it's not without it's complexities and pitfalls

Both have their own sets of advantages and disadvantages; if you do it yourself, of course you're saving on the cost.

If your claim is rejected or if the loan provider accepts your claim you still might not get back the full amount. Hoping you will take the money and run.

A good claim handling company is expert at turning this around in a matter of days. Their fee is usually more than worth it!

Quality claim handling companies will check any offer, challenging where appropriate. They also have the advantage of using experienced legal team who are well placed to challenge rejected claims and deal with the potential complexities with cases that are sent on to the Financial Ombudsman Service (FOS)

Look, the claims process is simple and easy to follow ... so there's no need to delay if you feel you've been mis-sold!

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