18 May 2015
The way in which to claim PPI has been well documented in so many ways; from TV adverts to articles in newspapers, no one can be under any illusion that the mis-selling of PPI was huge.
It is a mis-selling scandal that has hit hundreds of thousands of people, costing the bank billions of pounds on compensation, hitting profits and working capital hard.
And yet, the very magnitude of the situation could be the one thing that is stopping people from making a claim. It has become an almost too big a beast to handle.
Add to this already potent mix of 'it doesn't affect me', is the effort that some people may have to go to in order to find the paperwork that proves that they have or had PPI.
Loans from only a few months ago, paid off and forgotten about, may be a distant memory. The original paperwork long gone.
How on earth can you be expected to remember if you had PPI in the first place, let alone whether you agreed to it or not?
And then, there was the fact that it was called different names by different banks, in some cases. Payment protection insurance and its acronym PPI are generic terms; they describe the type of insurance policy that it is. Banks and lenders, therefore, called it different names but not in all cases.
To pile on the pressure even more is that although we know that banks are the main culprits - they seem to be, as they pay back billions of pounds collectively in compensation - that we forget some of the smaller cards and loans we had.
You may think you paid back the small electrical store on a monthly basis for your cooker but, the 'loan' was underwritten by one of the major banks or lenders in the UK. In these cases, PPI was simply added 'as standard'.
The small 'credit' account you had with a well-known high street catalogue shop, amongst others, was also underwritten by large financial companies, and these banks and lenders possibly owe you money.
Thus, if you get a letter from a bank saying you could potential have a claim for PPI compensation, don't ignore it because you possibly have. It is just that you, along with several hundreds of other people have no idea you have the policy…
Too much hassle?