Are You Entitled to Claim for Miss Sold PPI?

You may have heard a lot about ppi and the compensation that is being won by many UK residents at the moment. Payment protection insurance claims are common right now as it was discovered that many banks have miss sold the insurance to their customers who took out loans, mortgages and even credit cards in the last ten years. If you have concerns over this type of insurance here are some of the facts concerning the claims and how you can go about seeking compensation.

Miss Sold the Insurance

The sad fact of the matter is that many UK residents were not treated fairly by their lenders concerning this insurance. When borrowing from the lenders the customers were failed in many different ways such as:

They were sold the insurance even though they were not entitled to it – This has affected those who were retired, self-employed or were students at the time. Some professionals are also not entitled to the insurance and this fact was often not looked at carefully therefore payments were being made for an insurance policy that would never pay out, based on the customers’ circumstances.

The payment protection insurance was not discussed – Many customers were never even told about the insurance during the application process so were not aware of the payments which came out of their accounts until they noticed them in their bank statements.

Customers led to believe the insurance was necessary – Some lenders made their customers believe that if they declined the insurance on the payments their application would be declined.

The costs of the payment protection insurance were not fully disclosed – Lenders often failed to inform their customers about the fees and true cost of the ppi.

What to Do about Claiming for PPI Compensation

If you feel that you might be one of the millions of UK residents who were miss sold the payment protection insurance you have a right to claim compensation. Contacting a specialised ppi solicitor can help greatly and you could win up to £7000 from your bank or lender. Find a solicitor online who offers an excellent service and will not charge you for their fees if you do not win.

Claiming ppi compensation takes a matter of weeks and can be risk free when using a no win, no fee solicitor.