What should I do if I believe I have been mis-sold Payment Protection Insurance?

The mis-selling of Payment Protection Insurance

The mis-selling of Payment Protection Insurance or PPI is something which is becoming increasingly common in the United Kingdom. Accordingly the Financial Services Authority (FSA) has put in place strict conditions which must be adhered to prior to the product being sold. An individual being sold Payment Protection Insurance must pay close attention as to whether the supplier is complying with these conditions. If they do not comply with these conditions the Payment Protection Insurance will have been mis-sold.

Furthermore, there are a variety of other factors which will be taken into account to understand whether a policy concerning Payment Protection Insurance has been mis-sold.

Am I eligible to claim for compensation if I have been mis-sold Payment Protection Insurance?

If an individual believes that they have been mis-sold Payment Protection Insurance they will be eligible to claim for compensation.

How will I go about claiming for this compensation?

There are two routes which an individual can take in order to try and claim for compensation due to the mis-selling of Payment Protection Insurance. They are as follows:

  • An individual can try and handle their compensation claim themselves. However, due to the legal intricacies of the financial services industry this can be a difficult task. If an individual wishes to handle the claim themselves then they should seek help and advice from the Financial Ombudsman

  • An individual can seek specialist legal advice from a firm of solicitors which has specialist expertise in the field of mis-selling Payment Protection Insurance

Is there any time limit placed upon me in making a claim for the mis-selling of Payment Protection Insurance?

There are strict time limits imposed as to when an individual can bring a claim for the mis-selling of Payment Protection Insurance. In most cases for claims involving the mis-selling of Payment Protection Insurance there is a time limit imposed of six years. The upshot of this is that an individual can only claim in relation to mis-selling of Payment Protection Insurance if the mis-selling occurred within the last six years.

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For more information on:

  • Can I still bring a claim for the mis-selling of Payment Protection Insurance even if I have paid back the loan?
  • How do solicitors work in this area of litigation?
  • Will I also be eligible for statutory compensation due to the mis-selling of Payment Protection Insurance?