Payment Protection Insurance (PPI) is regarded as one of the biggest mis-selling scandals in financial history, which has led to millions of claims from companies and individuals hoping to receive compensation that rightfully belongs to them.
What is PPI?
If you don’t know much about PPI, we’re here to help. Payment protection insurance basically provided cover for a loan or debt repayment, such as a bank loan, mortgage or credit card. Many people and companies took out the insurance under the belief they would be covered in the event of illness or redundancy. Whilst not all PPI policies are the same, they were all commonly sold as part of a deal when a customer took out a loan.
How Could PPI be Mis-sold?
There are numerous ways a PPI policy could have been mis-sold, but it’s important to identify if you could be entitled to compensation. You should make a PPI claim if:
You did not realise you were taking out a PPI policy or didn’t want one
The policy wasn’t sufficiently described at the time, as a result of a lack of understanding
You could also be owed PPI compensation if you have had a dispute about a refund of premiums. For example, you have paid for PPI with a single premium, which is often added to a loan. Should you have paid the loan off earlier than required, you could have received a small refund that you were unhappy with.
How Do I Claim PPI?
If you believe you have been mis-sold PPI, we recommend contacting PPI claims specialist Stanton Fisher – who have secured more than £80 in compensation for their clients. You only have until Spring 2018 to make a claim, so it is recommended to embark on a case as soon as possible. With a little help from a PPI company, you may soon have the money back in your bank account for minimal hassle. The money saved could be spent towards a holiday, pay off debts or invested into your company.
There is still time to make a claim and so much compensation just waiting to be claimed. Act soon to ensure you don’t miss out on a small or significant compensation package.