PPI claims are still ongoing. If you're unsure about whether you've been misled into taking out PPI on a loan or series of bills it's definitely worth looking into, as you can claim compensation on all the payments you made. This comes after an FSA ruling on the misuse of PPI by banks in the UK. If your bank doesn't help with your enquiry they stand to get into trouble, so it's in their interests to help you out.
The answer for some people who begin to make a claim is nothing at all, and in fact they could end up paying more money to get that information. This is because some people are getting tricked into making claims when they don't have a case. Just having taken out PPI doesn't make you a victim. Policy protection insurance is actually a good deal for some people, as it helps you if you become unexpectedly unemployed. The reason it's become a scandal is the way in which bank staff sold the policies to some customers. Basically this comes down to whether you were unemployed when they made you take it out, and whether you entered into the agreement knowing that you could have got the same cover elsewhere.
Getting these details sorted before you make a claim is important. Once you know you've been misled in some way you can go to the bank with the information and let them begin to handle it. All banks should be cooperative with this by now, as the FSA is fining banks that don't try to help customers get their money back. If there are problems you can use the services of a financial ombudsman.
The actually figure for your compensation is the money you paid in bills for PPI, plus interest. Ask your bank how much of your monthly loan repayment went into PPI cover, and then add on a low percentage of interest (around 3% is reasonable).
PPI isn't something to panic about, and if you approach the problem of being misled on a policy in the right way you should be able to receive the full amount of compensation quickly and easily.
The answer for some people who begin to make a claim is nothing at all, and in fact they could end up paying more money to get that information. This is because some people are getting tricked into making claims when they don't have a case. Just having taken out PPI doesn't make you a victim. Policy protection insurance is actually a good deal for some people, as it helps you if you become unexpectedly unemployed. The reason it's become a scandal is the way in which bank staff sold the policies to some customers. Basically this comes down to whether you were unemployed when they made you take it out, and whether you entered into the agreement knowing that you could have got the same cover elsewhere.
Getting these details sorted before you make a claim is important. Once you know you've been misled in some way you can go to the bank with the information and let them begin to handle it. All banks should be cooperative with this by now, as the FSA is fining banks that don't try to help customers get their money back. If there are problems you can use the services of a financial ombudsman.
The actually figure for your compensation is the money you paid in bills for PPI, plus interest. Ask your bank how much of your monthly loan repayment went into PPI cover, and then add on a low percentage of interest (around 3% is reasonable).
PPI isn't something to panic about, and if you approach the problem of being misled on a policy in the right way you should be able to receive the full amount of compensation quickly and easily.
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