There has been so many people who claimed compensation for the payment protection insurance that they was wrongfully mis-sold in the previous decade or two; the PPI scandal has been going on since the 1990s but it is just until recently that the mass population has become aware of the controversy surrounding the insurance and are now taking action.
This has led many people to check the loans, credit cards, and mortgages that they have had with their banks and lenders in the past several years as they want to know if they can reclaim for PPI – so, this brings up the question of who exactly can reclaim for PPI? We’ll answer this question throughout this article.
Checking Your Eligibility
The first thing that you need to do to find out if you can reclaim compensation for the mis-sold PPI is to check if you are eligible – there are some people who were sold PPI and it was actually justified, so not everyone who has taken out payment protection insurance is entitled to compensation.
There are some genuine reasons why someone might have got PPI, such as:
A job that is quite risky and could result in the person becoming redundant in the near future, or puts them at a risk of life-threatening injury.
A history of illnesses and conditions within the family that put the person taking out the loan at risk.
A number of other reasons that make the bank or lender assume that there is a chance you might not be able to pay back your debts.
You should check through your paperwork and ensure that you have been sold payment protection insurance through the loans, credit cards, and mortgages that you have taken out with the bank in the course of the previous several years. Once it has been established that you have actually been sold PPI and that this was in-fact mis-sold, you can go ahead and make your claim for the compensation that you are owed.
Going Ahead with the Process
Many people simply don’t like making claims for compensation, they are usually either too busy or just don’t understand the process behind it all. This is not a problem with PPI as you can always get the help of a claims management company who will take your case into consideration and help you get your compensation as timely and as stress-free as possible – they will guide you through the process if you have any questions or concerns, alternatively there is always the option to file the claim yourself by writing a complaint letter to your bank outlining the problem.