Are You Entitled To PPI Compensation?

Posted on August 6, 2012 by Canary Claims businessman handing over a compensation cheque

Have you ever taken out a loan, mortgage, credit or store card? If so you also more than likely have payment protection insurance on top of this agreement and you are probably more than likely are one of the thousands of people who are a victim of PPI misselling who can now all claim PPI compensation by your specific banks or lenders.

Mis Sold PPI?

Before making a PPI compensation claim, you need to prove if you have been a victim of mis-sold PPI or even have PPI in the first place. To see if you have PPI, take a look on a statement you may have whether it’s a current loan you are still making repayments to or one that may have been paid off in full up to ten years ago you should see on a statement something that states payment protection or protection insurance which means you have taken out PPI. So you now know, you have the payment protection but was it mis-sold to you?

Did you actually know you didn’t have to have this type of insurance or was it just automatically put on top of your loan or credit agreement?

If so you could have been paying a lot of money just in payment protection plus interest so even more reason to make a PPI compensation claim. Also when taking on your loan and possibly discussing payment protection insurance, was it explained to you properly? Did you leave the bank feeling confident that in the slim chance should anything happen to you leaving you with difficulty making repayments you would have nothing to worry about and was it explained that in this case its actually very hard to make the claim against PPI should you have ever needed to use it! This is also an example of PPI misselling.

Another example that many people have made a PPI compensation claim over is being pressured into taking on the insurance in the first place. These are the initial steps you need to take in making a PPI compensation claim so if you would like to join many people who have already made an easy PPI compensation claiming back thousands of pounds through mis-sold PPI then do not hesitate to do so. What would you do with that extra bit of money?