Are You A Victim Of PPI Mis Selling?

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If, over the last ten years, you borrowed money in the form of a loan or store card, you could be eligible to reclaim Payment Protection Insurance (PPI). Payment Protection Insurance is a type of insurance policy that is designed to help you to meet the cost of your monthly financial product repayments in the event that you are unable to earn money. PPI is therefore used at times when you cannot work. This could be due to an illness or injury or because you have been made redundant from work.

Why the Banks Could Owe You Money
In recent years, stories relating to PPI claims have hit the headlines. This is because many financial companies routinely mis-sold policies to people who were not eligible to claim on their policies once they have taken them out. As a result of this, the financial institutions behind the scandal have been forced to pay out considerable fines to their regulators (In these cirumstances, the Ministry Of Justice and the Financial Ombudsman Service) and thousands of customers have been granted the chance to submit claims. Millions of people were mis-sold PPI and you may be among them.

If you possess a financial product such as a mortgage, loan, store card or credit card and you took this product out in the last ten years, you may have taken out PPI. Check through any agreements or statements you have been sent to determine whether it was included. If you have taken out a loan, Payment Protection Insurance may show up on your statement as a single lump sum. If you have taken out a credit card, it may take the form of a monthly charge.

Determining Whether You Were Mis-Sold PPI
If you did not request the insurance but it was added to the money that you borrowed, you may have been mis-sold PPI. You may also have been mis-sold it if you were informed that it was compulsory, you were not made aware of the fact that you could purchase similar products elsewhere, you were unemployed, self-employed or retired when you took out the insurance, or you were informed that you would stand a greater chance of obtaining a loan or credit card. If any of these apply to you, you may be entitled to rsubmit a claim.

You can also claim for compensation if the policy's exclusions, such as back problems and stress-related illnesses, were not fully explained to you, if you exceeded the maximum age limit at the time of taking out the policy, if you suffered from a pre-existing medical condition that was part of the policy's exclusions or took out PPI to cover you in the long-run but your policy only covered you for a short time period.

You may be eligible for compensation even if you have paid back the cash that you borrowed. You may have destroyed all of the paperwork associated with the financial product that you took out. However, as financial institutions are under a legal obligation to retain vital information, it may be possible to trace your account details.

Making a PPI Claim
You can make a claim for compensation yourself or by using a claims management service. PPI claims management companies are able to expertly assess your case and, if eligible, request compensation on your behalf. Many of these companies offer a no-win, no-fee policy, meaning that if you fail to receive compensation, you will not have to pay out for their services.

The exact time taken to receive PPI compensation will vary, depending on the financial institution who sold you the policy. A claim can take as little as four weeks or as long as a few months. In the event that your case fails to be resolved, the whole process may take considerably longer than this. If you choose to reclaim through a PPI Claims Management Company, you will be provided with an estimate of the amount of time your claim will take. If you have all the correct documentation and include this in your claim submission, this is likely to be beneficial in speeding up the claims process.