06 June 2016
You will have read a lot about payment protection insurance (PPI), you will understand that it is now infamous as being the most mis-sold product in British banking history and you will probably know that thousands of people are affected - are you?
Have you had a loan or credit card in the last 20 years? If so, you may be entitled to compensation.
The startling fact is that most people think that PPI compensation does not affect them. There are a number of reasons for this:
There are some great stories in the press of people claiming back tens of thousands of pounds (£84,000 being the highest thus far) and we assume that this good fortune shines on everyone else but us.
True to say, you may not be entitled to thousands of pounds in compensation but even if it is only a few hundred pounds, there is a principal at stake here.
Banks and lenders rode roughshod over consumer rights, 'selling' you a product that was next to useless or something that you didn't need. But that didn't stop them. They took something that they were not entitled to - surely you want that money back, whether it is a few hundred pounds or thousands?
Many people are also unclear about how to go about claiming PPI compensation. They assume that it will be a myriad of complicated forms, with question and question and then, there is the question of evidence…
Many people when they call us, have all kinds of concerns about making a claim, from will it affect their credit rating to not having all the paperwork and so on.
Although the mis-selling of PPI affected many thousands of customers, it does not mean that it affected everyone or that compensation is automatic. You do have to show the bank that you were mis-sold PPI and this is something we can help you with.
The biggest reason why people are not claiming their money back is apathy; this is because the PPI mis-selling scandal has been running for years. They assume it won't affect them; they assume it will be complicated; they assume it is all about somebody else and not them.
PPI compensation has also become a part of the 'financial landscape'. Everywhere you turn there is an advert, a poster or a text telling you that you have been conned by your bank and to claim your money back.