It has been one of the biggest banking scandals in years, and PPI is continuing to cause the banks a real headache. So far, an enormous £27bn has been paid out in compensation.
You have probably heard about PPI claims on TV and in the media, but like many, you just aren’t sure whether you had PPI, or it sounds like too much time to make a claim.
So, if you have had a credit card, mortgage, store card or car finance, it is well worth checking and now it’s very easy to do so.
Plus, not only can you claim for the PPI that you were mis-sold, you will also receive interest on top of this amount. That is why the average compensation payment for PPI mis-selling is approximately £1,700, but in some cases, can be much higher.
Could you qualify for a PPI refund? Click your Year of Birth for a Free Check*
What could you have been missold on?
In a word, pretty much everywhere.
If you have EVER had the following types of credit, it's worth you checking for PPI:
- 1 Loans - Including personal loans and business loans
- 2 Credit Cards - if you had a credit card between 1990 and 2010 from any lender there's a high chance you paid for PPI
- 3 Mortgages - from Halifax, Lloyds, NatWest, Barclays or any of the other high street banks
- 4 Store Cards - usually from a high street store Debenhams/House of Fraser, Marks and Spencer's are just a few common examples
- 5 Loans secured on your home - in addition to your mortgage
- 6 Overdrafts - with any high street bank are worth checking
- 7 Car Finance - this may have been called a 'Finance agreement' or 'hire purchase'
- 8 Home Shopping Accounts - this includes a catalogue account
- 9 Any Thing Else - or something else bought on credit, such as a sofa or TV
What is PPI mis-selling?
PPI stands for Payment Protection Insurance and was usually sold by the banks with products that you need to make repayments on, like a loan, credit card or mortgage. But it could also have been included with store cards, overdrafts, car finance or home shopping accounts.
However, the FCA (Financial Conduct Authority) found that PPI was often mis-sold.
You may have been mis-sold PPI for many reasons, such as being pressured into buying PPI, being promised a cheaper rate if taking PPI, or the PPI did not fit your needs.
But there are also many other reasons why you may have been mis-sold PPI.
Check if you could claim in two simple steps
Step 1 - Click below to begin your FREE PPI check*.
Step 2 - Answer a few simple questions to see if you're eligible for PPI compensation
Start your free PPI check* today!
All figures and statements quoted from FCA
https://www.fca.org.uk/ppi/eligible-claim-commission and https://www.fca.org.uk/ppi/after-complain