Payment Protection Compensation
If you have taken out payment protection insurance on a financial product like a loan or credit card and you feel that it was wrongly sold to you, then you are entitled to put a claim in for compensation.
Compensation consists of a refund of the premiums you have paid into the plan. On credit cards, the amount you pay each month depends on your outstanding balance. With loans, the amount you reclaim is based on how long the loan has been running for and the cost of the insurance premium. Many payment protection plans on loans are single premium policies, meaning they are added to the loan at the outset and interest is payable on these premiums.
What’s more, if your loan is still running, you will not only receive a refund of past premiums paid, the PPI will be completely removed from the loan thus reducing your future monthly payments.
Take action on mis-sold payment protection:
In order to claim compensation, you will need to know the grounds for mis-selling and also have an idea of how much to claim back. Once you’ve established this, you can then initiate the complaints process with your bank or loan company.
If you are unsure about whether you are entitled to claim or how much to claim back, we can help. We assist consumers on a daily basis to reclaim mis-sold payment protection insurance on loans, mortgages and credit cards.
We aim to simplify the whole process for you, dealing with your lender on your behalf and getting your money back, with interest. We know the PPI claims process and how to pursue a claim successfully. There are no upfront charges for our service so you have nothing to lose if we are unable to recover any money on your behalf.
Simply complete our online claim form and we’ll be in touch with you to let you know whether we can handle your claim. Payment protection compensation claims average around £2,000 per case so from a financial aspect it’s certainly worth putting in a claim if you feel that your payment protection plan has been mis-sold to you.
