Don’t be Afraid to Claim PPI Compensation.

Posted on September 3, 2012 by Canary Claims a businessman handing over a PPI compensation cheque

Dealing with institutions like finance companies and banks can be a very daunting experience. After all, they know what they are doing, and have the solicitors to help them out. If you have a claim against a bank, then the odds are weighted on the side of the bank. They have expertise and experience, and it is very hard for the little people to win against them. Recently ordinary people have been winning against the bankers with their claims for PPI compensation.

Mis Sold PPI

PPI has been blatantly mis-sold to customers by most of the major banks. People were misled, and in some cases even lied to. When they attempted to reclaim their money and get compensation for their mis-sold PPI the banks threw out their claims and hung onto money which was not rightfully theirs. With perseverance and the help of the Financial Services Authority, who regulate financial services in Britain, the banks were told that they had to pay back PPI if it had not been sold correctly.

The banks fought this decision, as this would cost millions. However, the ruling was upheld by the High Court and the banks and other financial institutions have been forced to accept it. They must pay PPI compensation to anyone who has a valid claim. This means that they must pay back the money plus any interest.

PPI Compensation

If you are entitled to PPI compensation, you shouldn’t worry about making a claim. The banks have set aside money to pay these bills and thousands of people are claiming it back. If filling in forms and challenging the banks is difficult for you, there are companies who can help. Anyone who has paid PPI when they were wrongly sold it should claim it back. The banks should not be seen as all-powerful and should pay for their mistakes.

The banks have money behind them and may seem to be all powerful, but in the case of PPI compensation, they have already lost the battle. Also if you have claimed for PPI compensation previously and been refused, you should claim again as since the court case many people are submitting their claims again and succeeding. This is a case of the man in the street taking on the big institutions and winning.

If you have taken out PPI and feel that you didn’t need it, couldn’t use it, or were pressurised into getting it, then you may have a claim for PPI compensation. Banks are still allowed to sell PPI but there are strict guidelines for its sale. They must explain all the details carefully, and point out that you may want to find PPI elsewhere. It should not be a condition of the loan or credit card. They should make it clear that you are buying PPI and only sell it to you if you can use it should you need to. If they did not stick to these guidelines when you bought it, you should be able to claim PPI compensation.