Thousands of people could be entitled to PPI compensation without even realising it, and if you think you are one of them you should assert your right to justice and find out about making a claim.
Payment Protection Insurance (PPI) is a type of cover that is often sold alongside loans, credit cards or mortgages. It can be of great benefit to many borrowers and will ensure they do not have to worry about their repayments should they lose their job or suffer an illness that prevents them from working.
In most cases, PPI is sold responsibly and gives incredible peace of mind when it comes to finances. However, in some situations it has been added to borrowings without agreement, or wrongly suggested as a useful, and usable, form of protection.
“PPI mis-selling has happened a lot, although it is often not so dramatic as the media would lead us to believe,” explains Matthew Briggs, CEO of www.claims.com.
“Making a PPI claim can be difficult, so it is worthwhile for anyone who thinks they may be owed compensation to look into the matter carefully.”
If you have taken out a loan, credit card or mortgage in the last 10 years you should start looking into the matter by reading your agreements carefully. Gather all records and details of what payments you have made, what for and when.
Should you come across a PPI policy that you have no recollection of agreeing to, it may be that it was added on without your knowledge.
PPI claims could be possible in these situations, but the case will need to look at all the evidence and decide whether the financial adviser or broker who sold you the finance was acting improperly and unprofessionally.
In other cases, it might be that you signed up for PPI cover having been told it was a sound investment, but when you came to use it you found that it did not cover your situation. This can be true of those who are self-employed or in relation to certain illnesses.
Whatever the situation, if you think you have a PPI claim do not be afraid to find out about getting compensation.
If it was mis-sold you have a right to justice and making a claim will hold the person to account for their professional negligence.
If your case is successful the amount of compensation awarded will depend on how much you have paid into the policy. The average settlement is £2,500, and you might also get interest on top of this, but tax is payable on that portion.