Before we get into the article, PPI = Payment Protection Insurance. It is something that lenders often offer – or enforce – when you borrow money to ensure that they get their cash back.
The tables have well and truly turned on those banks and lenders who mis-sold PPI to unwitting customers. There are many ways for victims of this practice to claim cash compensation for any mis-selling that led to a financial loss or other hardship.
Check entitlement
Lots of people are entitled to claim compensation for PPI mis-selling, but simply are not aware of this. There are many reasons for this. Some people will have refused PPI on application for finances, but due to an error or oversight the bank may have charged for PPI cover anyway (reputable lenders are less likely to make these kind of mistakes). There is no other way to check other than to go back to your original loan agreement and check the payments that actually went out of your account. You should keep an open mind when checking as remember you may be a victim of this practice, even if you stated specifically that you were not interested in PPI at the time.
Get impartial advice
Getting impartial advice is the first thing you should do if you discover that you have been mis-sold PPI or that you may have been mis-sold any financial product. People can get independent advice from the Citzens’ Advice Bureau or from a solicitor. Beware though that a solicitor may charge you for the advice whether or not you choose to go ahead with a claim, although some lawyers will agree to waive all initial fees and merely take their fee from the settlement funds on a ‘no-win, no-fee’ basis. Depending on your income levels you may be entitled to free legal aid and advice on the subject of whether you were sold PPI. You can check this be enquiring with a potential solicitor or seeking advice from an organisation like the Citizens’ Advice Bureau. You will find the contact details and the address of the local Citizens’ Advice Bureau in the phone directory or on the internet using Google.
Consider mounting your own claim
You don’t need to hire a third party to do the claim for you. If you know what to do to reclaim your funds, then one thing you should consider if doing it yourself and avoiding the costs of hiring someone else to do it. You could choose to get someone impartial to explain the process and then simply take these steps yourself. Be careful though that the advice you receive is quality, reliable advice and also be careful to check that you are doing exactly the correct thing as if you choose to go it alone and make a mistake then you are fully responsible for any losses or mistakes you may make.
Claims management companies
There are some companies who offer to manage the claim on your behalf. You should always do research into the quality of such companies and their reputation for dealing with consumers. You should also check if they are registered with the appropriate financial oversight bodies.
There are steps you can take if you’ve been mis-sold PPI. Make sure to follow the proper process.
