Payment protection insurance (PPi) mis selling is a scandal that will tarnish the reputation of the big banks for years to come. Following a High Court ruling earlier this year, millions of people who took out payment protection insurance on their loans, credit cards and other forms of credit could be liable to receive billions in compensation. Find out why you should claim now.
Payment Protection Insurance or PPI is typically sold as insurance to cover the cost of paying your loan, credit card or mortgage should you become ill or lose your job and are struggling financially to make repayments.
Estimates differ widely but as many as 20 million people may be liable for compensation for having being mis sold PPI. One of the main reasons people are so critical of PPI is the fact that there are many exclusions within the policies, which mean that when it comes to making a claim, millions of people are rejected by the insurers.
Was I Mis Sold PPI?
One of the biggest exclusions to be aware of is your work situation. PPI is really only relevant for those in full-time employment.
Anyone who is self-employed, a seasonal worker, a contract worker ñ may not be covered by a standard PPI policy. Likewise if you are a student or a pensioner, the chances are you will not be covered. Also, if you believe you were pressurised into making the sale, or were led to believe that PPI was compulsory, you could be liable for compensation today.
How far back can I claim for?
You can claim for PPI compensation as far back as 1st January, 2001.
There are a number of ways to reclaim compensation. You can make a claim yourself by writing to the Financial Ombudsman Service or you can use an expert company to help you claim back compensation. If you do not want the hassle of doing it yourself, then a PPI claims company can help by calculating any interest you should be owed for repayments on your PPI policy.