The PPI scandal has been one of the biggest stories of the year, especially for the unfortunate consumers who were caught up in it. Four million people have, so far, claimed back the fees on mis sold PPI policies, and many thousands more are going to do so. With an average payment of £2,750 it is certainly worth your while filling out a PPI claim form if you have not already, so let’s have a look at what the PPI scandal is all about and how you should best go about trying to claim back PPI payments.
What is a PPI Reclaim?
First, an explanation of payment protection insurance, or PPI: this is an insurance policy designed to keep up the monthly repayments on a mortgage, a loan or a credit agreement – including credit cards – should you be made redundant unwillingly. With millions of such policies in existence, it was a surprise to discover that great numbers of them had been sold unlawfully.
Can I Claim Back PPI?
If you have been mis sold PPI then you have a right to fill out a PPI claim form and make a PPI reclaim case through the proper channels. There have been many instances of mis selling, with the most common being those in which the consumer wasn’t given an explanation of what PPI is and their rights regarding it, or was not offered a few days in which to shop around for a better deal than that offered by the lender. Both of these have been subjected to numerous successful claims and will be the subject of many more.
How to Claim for PPI
The best way to make a successful PPI reclaim is to use a solicitor with expertise in this area of the law. There are many operating in claims, and they will offer you expertise and advice that could be invaluable. Look for a no win no fee deal and you will not have to pay if your claim is not successful.