Mis-sold PPI is a term that the majority of the British public will have undoubtedly heard over the past 18 months or so. However, many of those do not actually know what it means and whether or not it affects them.
PPI stands for payment protection insurance, which is offered when you take out a mortgage, loan or credit card and aims to cover your debt repayments when you are unable to make the payments yourself. This could happen if you are unable to work through illness or redundancy.
At least that’s what’s supposed to happen. That’s because banks were found to have provided PPI to customers unfairly to such an extent that the Citizens Advice Bureau believes some 80% of all PPI policies were mis-sold.
How Has PPI Been Mis-Sold?
Banks mis-sold PPI to their customers in a number of different ways.
The reason for these complaints were that the people who helped them take out a loan, mortgage or credit card then went on either to tell customers that it was mandatory to also take out PPI, add PPI to the loan agreement without notifying the customer or sell PPI to those who weren’t eligible for the product in the first place.
As a result, many of those affected have launched compensation claims against the banks, who have had to set aside billions of pounds to pay back in the near future.
Making a Mis-Sold PPI Compensation Claim
If you want to claim compensation for mis-sold PPI, the first thing you need to check is that you were actually sold it in the first place. Many people try to claim without knowing for sure if they ever had it.
You can do this by checking any paperwork you received after taking out the credit card, loan or mortgage, and there should be a reference listed as payment protection insurance, loan protection cover, or a similar term. If you’re still unsure, get in touch with your lender, who will be able to tell you whether they have a PPI reference against your name.
Once you have the information you need, you can start the process of trying to recover compensation by enlisting the help of a specialist claims company, which will give the guidance you need throughout the claims process and deal with all the necessary nitty gritty legal issues.
Want to Know More about Mis-Sold PPI?
If you would like to know more about making a mis-sold PPI compensation claim, get in touch with the experts at Precision Claims today. The company also specialises in personal injury and care home compensation claims.
Want to find out more about mis-sold PPI, then visit Precision Claims’ website to find out how to reclaim PPI.
