Have you ever been sold an insurance policy to make sure that you can pay your credit card, loan or mortgage should something happen to you making you unable to pay your bills or keep up your repayments? If so there is a good chance you may have been mis-sold this insurance and could be due compensation.
This insurance is called Payment Protection Insurance, or PPI for short. is is also known as: ASU Policy - Accident Sickness Unemployment Policy, MPPI - Mortgage Payment Protection Insurance, PLP - Personal Loan Protection and CCPP - Credit Card Payment Protection
You could be just one of around 20 million people in the UK today who this affects. To check if you are one of these people follow the check list below, if any of these statements apply to you then you can start a claim:
- You thought you had to have PPI in order to have a loan
- The PPI was added onto the loan without being fully explainied
- The full cost of the PPI or the exclusions in the terms and conditions was not explained to you
- You were self employed, unemployed or on a fixed term contract when you took the loan out
- You had existing medical conditions such as depression, back problems etc when you took the loan out
- The PPI was a paid as a lump sum when you took out the loan
Now you may be thinking that such a policy is essential, and is a good policy to have. This is indeed the case. However if you have signed up to this unwittingly, or have taken such a policy up as you have been told it is part of the loan, mortgage or credit card and you could not have the package without it then you have been mis-sold PPI. If this is the case you should seek out compensation, as you can get the full value of any insurance you have taken out, over the full lifetime of the loan, mortgage or credit card, no matter how long you have had it, which could result in a hefty claim, possibly worth thousands of pounds to you.
Making a claim
Making a claim is a fairly straight forward process. All you need to do is to contact one of the many companies who offer this service. Most of them have an Internet website and you can start a claim by filling in a short form on their website. It is likely you will then receive a telephone call where a fact find will be completed taking details about the product(s) you have been mis sold payment protection insurance on. You can then leave it in their capable hands. Should your claim be accepted, which can take a few weeks, you will receive your compensation.