The UK banking industry has seen some scandals across the years, but the mis sold PPI scandal out-strips them all. The widespread mis selling of payment protection insurance (PPI) has left the industry reeling, and the banks have so far put aside £34billion to repay the fees on those policies. If you are confused by the situation and unsure of whether you can claim you are not alone, but bear in mind that four million people have so far claimed their fees back, with an average payment of £2,750. Read on for an explanation and advice on how to reclaim PPI.
What is Mis Sold PPI?
PPI is a form of insurance that is designed to keep up the repayments on a loan, a mortgage, a credit card or any form of credit agreement in the event of involuntary redundancy. The policy will usually pay out for a year, sometimes two. Despite strict regulations surrounding the product, many lenders have been routinely overlooking the rules, and have subsequently been fined. To start your mis sold PPI claims today or to find out more about claiming compensation, simply fill out the form above or give us a call and speak with one of our advisers.
Can I Claim for Mis Sold PPI?
If you have been party to a credit agreement of any card in the past few years, the answer to this question is most likely yes. At the time you were granted your PPI policy you should have been given a full explanation of what PPI is all about, and you should also have been given a few days in which to scour the market for the best possible deal. In many mis sold PPI cases this did not happen, and the customer was simply sold a package by the lender with no explanation.
The Best Way to Claim Back PPI
If you want the best chance of success with your claim use a solicitor with claims experience. This will not only make things easier, but a no win no fee deal means you are not left with a bill if your claim fails. To start your mis sold PPI claims today or to find out more about claiming compensation, simply fill out the form above or give us a call and speak with one of our advisers.