Do you have a loan or credit card or have ever had one in the past? If the answer if yes then there is a very big likelihood that you will have been sold and will still be paying for Payment Protection Insurance (PPI). This product has historically been mis-sold to consumers on a massive scale with banks and other lending institutions overpricing the product and also failing to adhere to the requirements that govern the sale of PPI. Consumers have been overcharged to a tune of over £30billion ! and the amount has been growing each year. This wide spread mis-selling has led to the Financial Services Authority applying fines to banks running into several £ million’s.
The main purpose of PPI is to cover your loan and/or credit card repayments if in the unfortunate event that you cannot work due to sickness, redundancy or an accident. It is usually sold to you during the process of setting up a loan or new credit card, however in some cases you may have been given the impression that it was an essential part of taking out the loan, or you may not even be aware that you were taking out and paying for the insurance!
There are several very experienced firms of solicitors who are willing to help pursue a claim for any potential mis-sold PPI on a “No Win, No Fee” basis. This means that in the event that your claim is not successful then it will cost you nothing. These firms will take a percentage (typically around 25%) of the amount of any compensation, or if you do not mind doing the work yourself then you are able to complain through the financial ombudsman .