PPI claims are big news these days and it can seem like anybody and everybody is entitled to compensation for PPI mis-selling.
However, this is not always the case and the only way to find out if you are entitled to PPI compensation is by speaking to a financial solicitor.
A claim for PPI compensation can usually be made if you have taken out a loan, credit card or mortgage in the last 10 years and were unknowingly or wrongly sold Payment Protection Insurance.
The insurance can be hugely beneficial to many borrowers if they lose their job or are unable to keep up repayments for a number of reasons, but unfortunately, in many cases it is added on without the borrower’s knowledge. In other situations, people have been told that they can benefit from PPI but in fact the policy does not apply to their circumstances.
Where do I start?
In situations where PPI has been unknowingly added to borrowings, or an adviser has mis-led the borrower and incorrectly advised they take out the insurance, it can be possible to claim.
In order to do so, paperwork and evidence of the situation must be provided. This includes the finance agreement and details of your repayments. These are vital in determining whether PPI was mis-sold and how much money you lost, or could have lost if the debt is outstanding, as a result.
All financial claims should be handled by a solicitor with experience in the field. Only they can ensure your claim is dealt with professionally and that you get the best possible outcome.
How much compensation could I get?
The level of PPI compensation awarded will depend on the situation and take into account how much you have paid out for the policy. You may also get interest, but tax is payable on that part.
Average settlements are around £2,500 and your solicitor will give you an idea of how much your claim is worth when the process begins.
Why should I make a PPI claim?
“If you have been paying out for insurance that you did not want or need, or maybe even did not know about, you are entitled to get that money back,” explains Matthew Briggs, CEO of www.claims.com.
“Making a claim is not about getting something for nothing but is to do with upholding your rights to financial justice and compensation and helping ensure the wider problem does not continue.”