If you use a computer regularly you will no doubt have received a spam email about PPI reclaiming or PPI compensation, but despite the annoyance of unsolicited mail, the fact is that you may be able to claim for mis-sold PPI policies. Do you want to know more? If so, read on.

Payment protection insurance, as PPI is known in its grown up form, has been subject to much scrutiny of late thanks to a number of consumer complaints that were taken up and investigated by the powers that be a few years back. This resulted in a full scale investigation into industry practices, and the findings – by the Financial Services Authority – were quite alarming. To find out more about PPI reclaiming, simply fill out the 2 minute form or call us on 0800 840 72 91 and speak to a member of our team.

It was found that many people had been mis-sold policies that were not what they were, or had been sold policies that were hidden in the monthly loan payments without being aware. In other cases – many, in fact – it was found that lenders were coercing borrowers into taking out expensive branded policies on the pretext that they would not get the promised loan without doing so. These illegal practices led to numerous PPI claims and a major revision in the regulations surrounding the industry, a number of high profile fines being levied on well known names and an increase in the number of PPI reclaiming cases as a result.

For the record, it has never been the case that a borrower had to take out the lenders insurance deal; this was often inferred – sometimes more than inferred – when in fact the consumer had the right to shop around the many insurance providers, of which many are independent and very well priced, for the best possible deal. Without the knowledge that this could be done, many people took out PPI policies that were considerably more expensive than they needed to be and are now among those completing the PPI reclaiming process successfully.

Following the rewriting of the rules that came about as a result of the FSA investigation, there now exists a seven day mandatory grace period during which it is not permitted to sell the borrower an insurance package. Furthermore, it is now not permitted to sell such packages at the point of sale of the loan itself. These measures, and many more besides, have been introduced to protect the consumer, and have led to a much simpler path through the complex world that is PPI than was previously available.

You may have been a victim of PPI mis-selling, or you may suspect that you were not given adequate information at the point of sale and if so you may be considering starting a PPI reclaiming or PPI compensation case. If so you have a right to do so, but you must make sure that you have on hand all the information available to give the best chance of a successful claim. If you’re a victim of PPI mis-selling or you want to find out if you can start the PPI reclaiming process, simply fill out the quick and easy form or give us a call on FreePhone 0800 840 72 91 and speak to one of our friendly advisors.