PPI Claims – The Truth

With so many PPI claim companies in the UK to date, it can become very frustrating to know which one to turn to in order to get you the best results for your PPI claim. There are many ppi companies setting up websites each month trying to get a cut of the profits they can make by simply contacting your bank or other financial institution and taking a cut of YOUR payment protection insurance claim. This website will help you make a PPI claim yourself and give you valuable information on what to expect along the way. We have also listed some government websites and institutions that can help you make a PPI claim and give you expert advice on how to approach the company you took your payment protection insurance with, we also have many PPI claim templates to help the process go much smoother for each financial institution.

What is PPI?

Payment protection insurance is simply a policy that can be taken out when a loan or other form of finance is arranged. If for some reason the person taking out the PPI policy is unable to meet their loan repayments due to illness, redundancy etc the policy will cover them.

Payment protection policies are in fact a useful and potentially beneficial financial product. The recent controversy surrounding them has come from the way they were sold and mis-leading information about what they would cover.

They are now the most complained about financial product in history with the Financial Ombudsman Service receiving a staggering 600,000 complaints about the mis-selling of PPI’s in 2011.

PPI Claim advice

PPI (Payment Protection Insurance) has been in the news a great deal over the last few years. There have been a number of high profile court cases in the UK involving many of the country’s largest financial institutions. Millions in pounds in fines have been handed out and banks and other companies told to repay money from mis-sold payment protection policies.

Can you make a PPI Claim?

While millions of PPI policies were undoubtedly mis-sold many others were not and having a PPI policy on a loan does not automatically entitle you to compensation. If you have a mis-sold policy you may have already been contacted by your bank or loan provider with an offer of compensation. If you have not been contacted or believe that you have been mis-sold a policy you can still make a claim. Grounds for claiming include:

  • Being told when taking out a loan or financial service that you had to have a payment protection insurance policy.
  • Being sold a policy that did not cover you. PPI is not valid for the self-employed and other freelancers.
  • Not being aware that the cost of PPI was being added to the loan.
  • Being sold PPI that you did not actually need or want.

If you believe that you have a genuine claim for the mis-selling of PPI there are a number of ways that you can make a claim. You can contact the bank or loan provider directly, contact the Financial Ombudsman service for advice or use one of the online companies that will help you get compensation. Claiming is easy to do and you can start the process today with an email or phone call to one of the companies offering compensation services. All policies sold within the last 10 years may have been the subject of mis-selling and compensation available for them.

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