Everything you need to know about mis-sold PPI
However, there is still a certain amount of mystery surrounding PPI and the claims that are made. As misinformation was one of the things that led to PPI being mis-sold in the first place, any further complications of this nature will only exacerbate the situation further.
To help individuals establish the truth from the lies, here is everything you need to know about mis-sold PPI and the PPI claims which you could be entitled to make:
What is PPI?
PPI, or payment protection insurance, is a financial insurance product which is commonly offered on loans, credit cards, mortgages and other forms of money lending.
The insurance is designed to cover repayments if the individual is unable to – as a result of being out of work due to illness or injury. Those who are unemployed, self-employed or work in high-risk jobs at the time they took on the loan or financial product are not considered eligible for the insurance.
How was PPI mis-sold?
PPI was mis-sold when people did not ask or need it. Many people had the insurance added to their loan without their knowledge or were wrongly led to believe that it was a compulsory part of their agreement.
Other individuals were offered the insurance even when it was not suitable for their situation. This meant that some of their aforementioned exclusions, such as individuals who were self-employed, were offered the insurance.
This means that many of the people who paid for PPI would have been unable to claim from it – making the entire product redundant. This means that any money which they spent on the insurance was wrongly taken and this is the money which they are entitled to claim back from their lenders.
How do I make a claim?
Making a claim is easy and all you need to do is speak to a specialist claim firm. PPI Claimline is just one example of these and offer a professional and stress free service. All you need to do is provide them with the relevant information about your claim and they will do the rest.
How many claims can I make?
There is no limit on the amount of claims which you can make. This is because PPI could have been unfairly added to numerous products, with most people having taken out more than one loan or credit card in the last ten years (the affected period). Claim firms will be able to deal with multiple claims and that means you could stand to receive all of the compensation which you are due.
How much compensation will I receive?
The amount of compensation will vary depending on your individual situation and claim. Claim amounts can vary from a couple of thousand pounds to tens of thousands, and this is why it is so important for you to check your entitlement.