Instances in which people have decided that they want to start reclaiming PPI are very common these days and for good reason; in recent times many people have found that they have been mis-sold such policies, and the relevant authorities have made it much easier for individuals to claim against those who sold the policies in the first place.

First, an explanation of what PPI is: payment protection insurance, abbreviated to PPI, is a group of insurance policies that are intended to give people some security in circumstances where they find they are without income. There are many different types of insurance under this umbrella, and there are subtle differences. Some cover for sickness and accident only, others for involuntary redundancy, but in all cases there have been occasions where policies have been found to be worthless. To start reclaiming PPI, give our team a call now on 0800 031 6078 or if you prefer, fill out the quick and easy form and we’ll get back to you with a compensation quote.

When all is taken into account the compensation involved in PPI claims can be a considerable amount. The problems began when a number of people made complaints in recent years about the way in which policies had been sold, and the Financial Services Authority took it upon itself to investigate the claims. What was discovered was quite revealing and led to widespread changes in the way PPI can be sold to individuals. In fact, it also led to some very well known household names being fined and prosecuted for mis-selling of policies.

To find out if you are eligable to start reclaiming PPI you need to have a close look at the policies you may have taken out; in some cases people were found to have been sold policies that, in fact, were of no use to them in the circumstances that they believed they would be covered. Some of the people who have been able to reclaim PPI were already retired and sold PPI policies that they paid into for many years only to find were absolutely irrelevant to their circumstances.

Changes to the way that PPI could be sold have been rigorously implemented; it is now against the regulations to sell anyone a PPI policy at the point of sale of providing a loan, and it is also not permissible to do so within a set time – usually seven days – of granting of the loan. This is so that the individual can shop around for the better deal, as there are many different policies available on the market.

Indeed, in the past many people have been coerced into believing they had to take the mis-sold PPI policy offered as part of a package by the lender, usually much more expensive than others, yet this has never been the case. If you were led to believe that you would only get a loan if you took a certain policy, you could be in line for compensation simply by reclaiming PPI payments. If you’re ready to get your unfair PPI payments back, you can call our specialist team on 0800 031 6078 or fill out the quick form above to get your claim started.