Recent revelations have shown that an

Recent revelations have shown that an increasing variety of consumers have been confused about payment protection insurance policies (PPI) and mis-sold PPI. But the topic has been widely discussed inside advertisements for claims management companies and news reports, many of these are not able to explain the basic facts about mis-sold PAYMENT PROTECTION INSURANCE, resulting in a mass confusion and defeated compensation claims.

What is PPI?

Payment protection insurance is a form of protection presented with lending products such as mortgages, loan products, catalogue credit purchases, credit cards or perhaps store cards. It serves the purpose of protecting payments for one year with regards to accident, sickness or unemployment, normally ppi claims paid either as a one-off fee or as a smaller payment with each repayment.

Not all PPI is usually mis-sold; for many it is a valuable sort of insurance which can help protect their financial loan repayments in unfortunate circumstances. However the mis-selling of PPI was an unethical scandal which affected millions, resulting in lenders being ordered in 2011 to settle billions of pounds.

How was PPI missold?

The mis-selling of PAYMENT PROTECTION INSURANCE mainly occurred over the past two decades, however some claims are made on PPI sold before the 1990s.

Payment protection insurance has been mis-sold when:

It was added to some sort of lending product without the consumers know-how

The consumer was misled into assuming PPI was not optional, or might help with the approval of a loan, credit card or mortgage

The terms and conditions of your PPI policy were not fully described

The consumer was self-employed or out of work when they were sold the PPI

The consumer was medically exempt from the particular policy at time of its deal

The mis-sold PPI scandal occurred systematically in many high street banks and lenders. PPI repayments generally see customers receiving 15-30% of their total loan balance back; a payment often worth thousands of pounds for each claim.

There are plenty of complex restrictions around making a mis-sold PPI claim. You can make a assert after the loan has been closed, delivering your account has been active within the last 6 years. You can also make a claim on open accounts and accounts which are active or have been active within the last half a dozen years if your PPI completely happens to be paid off. There are also ways to claim returning mis-sold PPI if you do not have the appropriate paperwork evidence, and even if your credit score company has since been absorbed.

How can I claim back missold PPI

As claiming back mis-sold PAYMENT PROTECTION INSURANCE is a complex process you should permit an expert claims management company to deal with your claim. They should advise you about whether or not you are entitled to compensation at no cost, before undergoing the complex boasts process on your behalf for a no-win, no-fee basis.