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How Does The Mis-sold PPI Scandal Affect You?

Mis-sold PPI

It’s the financial scandal that just won’t go away, no matter how much the banks wish it would. It is, of course, mis-sold PPI.

The figures involved in the scandal are staggering and are beyond most people’s comprehension. The total amount paid out in PPI refunds so far is a whopping £23 billion and the amount of money set aside by the banks keeps on increasing to cater to demand from its victims.

You could be forgiven for thinking that with so much paid out in refunds and compensation, the banks should have gone bust by now. Far from it. PPI was such a lucrative product for the banks that even with the amount that has been paid out so far, they are still a good £20+ billion in profit from it.

Why Was PPI Mis-sold So Often?

The common thing to read at this point is usually how PPI was mis-sold. And while that’s important to know, the chances are you’ve already read or heard about that countless times. The question that is less often asked is why there was such vast amounts of mis-sold PPI.

It’s fair to say that PPI became a huge cash cow for banks, lenders and brokers alike. Salespeople had big commissions offered to them and it was boom time all round. Many people were making a lot of profit and it appears that in doing so, they lost sight of the best interests of the consumer.

How Do I Know if I Was Mis-sold PPI?

There are many factors that constitute mis-sold PPI as opposed to PPI that was sold in accordance with guidelines and in the best interests of the consumer. A broad overview of what can constitute mis-sold PPI is as follows:

You were self employed or working on a temporary or contract basis
You were too young or too old at inception (below 18 and over 65)
You had pre-existing health conditions that made you ineligible
You simply didn’t know you were taking it out, i.e. it was added on without your knowledge or consent

Can I Claim PPI?

The first thing you need to establish is whether you actually have PPI or not. If you do, the next step is to establish if it is mis-sold PPI. To do that, first decide if any of the points above apply to you; if they do then it’s quite likely you were mis-sold PPI.

In addition to those points, ask yourself if you actually recall PPI being mentioned at the time you took out your credit agreement. One of the ways in which PPI was routinely mis-sold was to tag it onto your loan or credit agreement without your knowledge or consent. So if you don’t recall it being offered or talked about, it may well be a victim of mis-sold PPI.

Once you’ve established that you do indeed have PPI and you are straight in your own mind that it was mis-sold, then you are eligible to claim back your money and are ready to start your claim.

PPI Calculator – Find Out What Is Owed!

Use a ppi calculator to discover how much money (if any) you are owed!

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What If I Don’t Have My Account Numbers?

You wouldn’t be the first. Forgotten or lost account numbers is one of the biggest issues we see with regard to mis-sold PPI. When the scandal first erupted, this was a big problem for many people because without the account number, the banks wouldn’t even look at the claim.

That’s no longer an issue for our clients because we have negotiated a special agreement with many of the main banks whereby we can start a claim with just your full name and previous address history.

Armed with that information, we submit it to the bank involved and that will allow them to search their entire database for every type of loan, mortgage or credit agreement you may have ever had with them. In addition to searching their own database, many banks will also search the databases of the their sister companies too.

This is the biggest piece of progress in the whole mis-sold PPI fiasco since it started.

The downside? It’s not available to individuals claiming by themselves. This special agreement has been made between us and many of the main banks, but it hasn’t been extended to individuals. So if you no longer have your account number, this isn’t the only way to start your claim, but it is the quickest and simplest.

Should I Claim PPI by Myself?

There’s no one-size-fits-all answer to that question. You don’t have to use a third party to help claim back your money from mis-sold PPI if you don’t want to. Some people believe they must use a claims company, which simply isn’t true. We have the ‘sharks’ to thank for that with their incessant cold calling.

You can in fact claim PPI by yourself if you wish to. What it mainly comes down to is having the time and inclination to do so. Not all mis-sold PPI claims are the same and some require considerably more work than others to bring to completion.

It’s not really possible to say if yours will be simple or complicated without looking into the case first.

Of course, some people simply don’t want to deal with an extra hassle in their already busy lives and prefer to hand their claim over to a PPI claims company. You will pay a percentage of your refund figure if you decide to go that route, but you’ll also continue with life as normal and simply receive a cheque when the claim has been completed, bypassing any of the work that is involved in claiming back PPI.

As was mentioned above, if you can’t find your account number for your PPI policies, that might be the exception. While you can still claim PPI by yourself without account numbers, the work involved to get the claim started is more than it would be if you claim through us using the special agreement we have in place with many of the banks.

For many people, that alone makes handing over their mis-sold PPI claims well worth doing so.

I Have Further Questions About Mis-sold PPI

If you have more questions about mis-sold PPI, the quickest and easiest way for you to get clear and concise answers is to speak with one our team. We’ll be happy to answer your questions and give you any advice you might need, and we’ll give it without pressure or obligation.