How to Claim Compensation for a Mis-sold PPI

Theres a lot of confusion over Payment Protection Insurance, or PPI as it is often referred to. You may have heard that if you had bought this insurance within the last few years, you may be entitled for some kind of compensation. This is because the PPI has been a mis-sold insurance. So whats the real business about PPI and PPI compensation claims? Lets investigate.

First, lets start with the basics. If youve taken out a loan, mortgage or credit card, you may have been advised to take out Payment Protection Insurance. Its purpose is to assist a borrower with meeting the repayments of a loan if they are unable to keep up repayments due to accident, sickness or unemployment.

This is fine in theory, however, in practice, many people have had their claims turned down due to policy clauses and exclusions. In fact there are many reasons why you may consider asking for a refund on your PPI. Some of the best reasons are as follows.

You can claim compensation if

a.you were told that purchasing PPI was compulsory; b.you were not employed on a full-time basis when you took out the policy; c.PPI was sold to you without your knowledge; d.the terms and conditions of the policy were not explained to you to your satisfaction; e.you were not told that you could get PPI elsewhere; f.Or, the full cost of the policy was not explained to you.

Selling Payment Protection Insurance is an extremely big and profitable business for banks, loan companies, credit card and insurance companies. However, much of it is associated with practices that are far from being called ethical. Statistics show that up to 50% of all policies sold, have been mis-sold in the UK. The problem has reached such large proportions that the Citizens Advice Bureau (CAB) have called it a Protection Racket and issued a Super Complaint to the Office of Fair Trading.

So, if you are among those who were wrongly sold a PPI and are entitled to compensation, how do you go about it? The best approach is to get in touch with one of the many professional organisations and law firms who offer specialised services in helping people like you get compensated for their mis-sold PPIs. Some of them work on a no win, no fee basis which means that you pay them nothing if you dont get your money back. There are no upfront costs. This is a completely win-win situation for you and puts you at complete peace of mind while making a claim.

So get ready to make that claim which is probably long overdue already. Get in touch with a payment protection claim company and start the process of making the claim today. Its easier and faster than you might imagine.