The PPI scandal has become the biggest to hit the UK financial sector in history, but do you know if you can make a claim? So far over four million people have successfully claimed, or have applied for, PPI compensation and many thousands more are expected to do so in the coming months. Banks and other lenders are reporting financial problems in relation to having to pay back a collective £13billion, and those who have yet to claim may want to know that the average payout is £3,000. Let’s explain things in a little more detail.
What is Payment Protection Insurance?
PPI is an insurance policy that is designed to keep up the repayments on a loan or mortgage in the event of involuntary redundancy. These policies pay out for one year, or in some cases 24 months. Following some allegations of mis-selling there was an investigation, during which it was discovered that lenders were routinely flouting the regulations when selling such policies. To start your PPI compensation claim today or to find out more about claiming compensation, simply fill out the form above or give us a call for free on 0800 840 7292 and speak with one of our advisers.
What is Mis-sold PPI?
The investigation uncovered a wide number of instances of mis selling and in many different guises, and the industry is still reeling from the results. Such was the regularity of mis-sold policies that the regulators saw fit to fine many high street lenders and were obliged to rewrite the regulations. As a result, it is now against the law to sell PPI at the point of sale of a loan. There are many different incidences in which you can claim PPI compensation and it pays to use an expert to give you the best advice.
How to Claim PPI Compensation
The best way to get a successful PPI compensation claim is to use a solicitor who has experience in the claims field, and there are many who now specialise in PPI. Look for a no win, no fee deal and offers of 100% compensation, and you will have the easiest route to getting back your fees. To start your PPI claim today or to find out more about claiming compensation, simply fill out the form above or give us a call for free on 0800 840 7292 and speak with one of our advisers.