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Compensation for PPI

Even though it has been a commonly known fact that lenders have been misselling payment protection insurance for longer than 10 years now, no one ever expected the sheer number of mis sold PPI cases that have been reported this year alone in the UK. CAB, The Citizens Advice Bureau filed a super complaint of epic proportions in the year 2005. This that complain was lodged there have been thousands upon thousands of consumers coming forward making claims for compensation for PPI they have been mis sold. In fact, this year alone banks have been reporting what are being called record losses. Not only are banks losing money based on the refunds they have had to issue but also because they have had to hire extra employees to help handle the massive claims that are being submitted for compensation for PPI.

Proving Mis Sold PPI

Before you can file a claim asking for compensation for PPI you must first prove that the lender actually did mis sell you the cover. There are specific factors that must be in place in order to prove that the cover was in fact mis sold. The most common way in which a PPI policy is mis sold is when the lender attaches the cover the loan without saying anything to the borrower. In addition, lenders who sell PPI knowing that a person does not meet certain requirements such as age or employment conditions is miselling PPI. This is grounds for claiming compensation PPI. Other conditions which could disqualify someone for compensation could be working part time or temporarily in which case PPI cover would not apply. The lender is obligated to share these conditions with every borrower and to be sure that he/she knows all of the disqualifying factors prior to selling PPI cover. If this was not done then the PPI was mis sold.

Making a Claim for Compensation for PPI

Obviously the claim you would make would be against the lender that sold you the PPI cover. However, the difficulty seems to be that this same lender is going to be the entity reviewing your claim. This seems a bit counterproductive if you ask me. Because of this you can most definitely expect that at least your first claim is going to be denied. This is why it is much wiser to hire a PPI claim company such as Belmont Thornton from the beginning to file for your compensation PPI. Lenders are a little less apt to play games when they see you have hired proper representation. In addition, the Financial Ombudsman Service or FOS seems to approve at least 90% of all the appeals that are sent through them for review.

If you are someone who truly believes that you have been mis sold PPI then you may want to begin the claims process right away. You can fill out a simple and quick claim form right here on our website and we will send it to you in the post to sign and complete. There are not a lot of questions there and the procedure is a lot simpler than you may imagine. Once you have taken all of those steps then we can begin getting your payment protection claim under way.

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