The world of consumer finance was rocked a few years ago when the Office of Fair Trading investigated alleged mis-selling of payment protection insurance policies. The investigation proved that the allegations were true, and the floodgates opened to people making PPI claims for compensation. If you think you may have been mis sold PPI you need to know the best way to make a claim, so we are going to explain things in simple terms. Let’s begin by having a look at what PPI is, and the circumstances in which you may be able to make a claim.
What is Payment Protection Insurance?
One of the main problems with the PPI claim scandal is that many people do not understand what payment protection insurance is. PPI is a form of insurance that is designed to cover the policy holder in the event they are made redundant involuntarily, and have to keep up payments on a loan or mortgage. The PPI policy will pay those payments – usually for a year and sometimes for two – as agreed. However, the controversy that arose after the investigation has changed the very face of PPI, and many thousands of claims have been successful.
Can I Claim for Mis Sold Payment Protection Insurance?
You can claim for mis sold payment protection insurance if you can prove that you were mis-sold your policy; quite simply, when you took out your loan you should have been given the right to shop around for the best deal, and a full explanation of PPI should also have been given. In many cases the lender led the customer to believe that their only option was to take out their own, branded deal – a clear case of mis-selling and one for which many claims have been made.
How to Claim for Mis Sold Payment Protection Insurance
The best way to claim back your mis sold payment protection insurance charges is to use a solicitor who knows the law. This will not cost as much as you think – look for a no win no fee deal to start with – and will give you the best chance of success. You can find a solicitor by searching the internet, and you can get things underway with a quick phone call or maybe by filling in an online form. It is your right to claim, and you may be in line for a considerable refund.