Thousands of people continue to claim back fees on mis sold PPI policies every week. Banks have put billions of pounds aside specifically for paying refunds to customers who were wrongly sold Payment Protection Insurance, and hundreds of thousands of pounds are being paid out in total every month.
However, there are still many people who are entitled to make a claim but have not yet done so. For those who have claimed the average PPI compensation payout so far is £2750 for just one policy. That is the figure for just one policy and many have been mis sold more than one policy, so it is well worth getting your claim in motion soon. You can use a ppi calculator tool to get a rough idea of how much you may be owed.
About PPI Mis Selling
Acting on customer complaints, the Financial Services Authority (FSA) launched an investigation into the way lenders were selling PPI policies a few years ago now. They discovered that thousands of customers were being mis sold PPI on credit cards, loans, mortgages and other products.
PPI is designed to cover your repayments on a financial product if you lose your job or get too sick to work, but many people were being sold policies that weren’t right for them and thus falling victim to inappropriate selling tactics. If you think you have been wrongly sold a PPI policy, our experienced team of professionals can help you make a claim and get back your money.
What is Mis Selling?
There are various different ways in which customers have been mis sold PPI. Often, customers were not made properly aware of their rights. You do not have to buy PPI from the same company that is giving you credit, but instead have the right to look for a better price from a third party. You should have been made aware of this, but many lenders made customers think they did not have such freedom. Others sold policies that were inappropriate or completely useless under a particular set of circumstances for some customers. Some simply didn’t tell their customers that their agreement included PPI at all they just took the premium payments.
Claiming Your PPI Fees Back
Claims handling companies can help make the process of reclaiming PPI charges easier and less stressful. If you have been mis sold PPI but are concerned about the difficulties of the claims process, our team can help. We offer a no win no fee* package, so that if your claim is not successful you don’t need to worry about being left financially worse off. We will also assign a friendly adviser to make sure you are always kept up-to-date on how your claim is progressing. Why not give us a call to see how we can help?