It is a sad fact that many people have had to claim ppi compensation after their lenders or banks wrongly sold them the insurance. You may have heard about claiming compensation in relation to payment protection insurance, there have been many advertisements and newspaper articles concerning the situation. The reason why it has received so much attention is because this is a problem which has affected millions of people in the UK.
Miss Selling the PPI Insurance was Common
When many UK residents took out loans, credit cards or a mortgage the Payment Protection Insurance was sold alongside it. In some cases the insurance was legitimate, however, in other cases there procedures followed during the application process were not followed which has meant people have paid for the insurance under false circumstances.
Could You Have Been Affected?
If you are wondering if you can claim ppi compensation it is worth learning about some of the reasons why you might have a good case and could go on to receive thousands of pounds back from your bank or lender. The reasons behind the miss sold ppi a varied but do include:
The customer was not told about the insurance
The lender or bank did not fully inform the customer of the fees and charges
The customer’s personal circumstances were not taken into account which means they were never eligible for the ppi due to their employment status.
The age of the customer wasn’t taken into account
If you are concerned about the payments you have made towards this insurance in the past it is a good idea to contact a solicitor to help you decided if you can claim ppi compensation. There are excellent solicitors who specialise in payment protection insurance who provide a free consultation and can go on to work on a no win, no fee basis.
Gather together any paperwork you have concerning the loan, credit card or mortgage that the payment protection insurance was taken out with. Take a read through and use the Internet online enquiry form of the solicitors to start off your enquiry and discover if you are entitled to compensation.