Missold PPI Compensation Claims

PPI or payment protection insurance is an insurance product that has been designed to cover your payments on a mortgage, credit card or loan if you cannot work or lose your job, suffer an accident or sickness. In itself, PPI is not a bad product but banks and financial institutions have been known to missell PPI to consumers and the results were PPI misselling compensation claims.

PPI was sold for various types of credit agreements, including personal loans, hire purchase agreements and credit card agreements.
PPI is a product sold by financial services companies alongside your loan to protect you and your family against unforeseen changes. It’s also relevant in certain financial circumstances which may impact upon your ability to meet your monthly loan repayment. People were either tricked into buying overpriced insurance cover they didn’t need, or felt forced into acceptance by high-pressure sales tactics. PPI was missold if you did not need it, want it, or ask for it.

If you have taken out a loan it is probable that you will also have Payment Protection Insurance without even knowing it. Payment Protection may have been added as a lump sum on top of your loan, or you may have been offered a regular monthly premium, which would be paid for separate to your monthly loan repayment.

PPI misselling compensation claims happen when – as a consumer – you may not even have noticed a PPI policy being added on to your loan. You might just have been quoted for a “fully protected” loan or product and not realised that you were paying extra to have a PPI policy added on. Many people do not realise that they have agreed to this extra policy and that if they shopped around they could have got it much cheaper. In many circumstances the PPI policy is actually not suitable and completely worthless.

When does the misselling of PPI occur?

Misselling of PPI occurred where the customer did not want PPI, or did not need PPI, or did not ask for PPI.

In cases where PPI was missold the customer will be eligible for making missold PPI compensation claims. This will usually be the cost of the premiums charged to the customer, plus interest.

In some of the missold PPI cases, the bank’s employee put unfair pressure on the customer to buy PPI. In some cases the customers were told that loans would not be authorised if PPI was not taken.

In other cases the PPI misselling involved not identifying whether the product was really appropriate for the customer’s needs.

In some cases customers were not even told that they were paying for PPI. The bank just added the premium to the loan principal.
Some of these customers ended up paying interest on the PPI as well as on their loan.

Mostly UK’s major banks, building societies, credit card companies, and other institutions have been involved in some way in PPI misselling, and have paid compensation to customers. Anyone who has had a personal loan, or bought something on HP, or had a credit card, may have been missold PPI at the time they took out the agreement.

However, PPI policies are failing to pay out to the most vulnerable and to those people that actually need it.

You can make a claim on your own, or contact any of the PPI misselling compensation claims lawyer firms.

Many people don’t know how to access the funds though personal protection insurance or PPI claims and they have seen it in the media lately as lawyers are advertising about misselling claims. PPI misselling compensation claims solicitors or a professional with a PPI company can help you submit your claim quickly and accurately and get your money back to you, where it belongs.

What do we need to know in order to make missold PPI compensation claims?

 If you think you may be entitled to compensation, one option is to contact one of the PPI misselling compensation claims lawyers who advertise widely in the national press and on television. You can receive PPI misselling compensation if you were missold the policy.

You’ve obviously got a better case against a financial institution if you can prove that the PPI was not relevant to you and that it did not cover you. Here are some examples:

• You had a medical problem that hindered your ability to work but were not asked about your medical state.
• You were unemployed or retired.
• The PPI policy or entire cost was not fully explained to you.
• You were advised that the PPI was compulsory.
• You were only given a quote for the loan/mortgage including the PPI and not given separate quotes.
• Exclusions of the policy were not adequately explained to you.
• You were older than the policy age limit.
• You already were covered by an existing policy but were not asked about cover already in place.

You can manage your own missold ppi compensation claim, but that requires your time, knowledge and confidence to assess if you were missold PPI. There are several steps to complete such as calculating the amount of your PPI claim and any interest due, but this will give you only a broad estimate. Good negotiating skills and a thick skin will also prove very valuable, as the missellers will do everything in their power to put you off! But the situation is different with missold PPI compensation claims solicitors

PPI misselling compensation claims lawyers offer a comprehensive service where they do everything for you, from calculating how much to claim through to negotiating with finance companies on your behalf.

The missold PPI compensation claims solicitors’ team will quickly assess and calculate how much you are owed, before submitting a claim on your behalf. Don’t delay as compensation claims are time limited. Your compensation claims can be paid out even in 3 weeks. It’s time to make that call and seek what is rightfully yours. Don’t let the banks win!