The Financial
Services Authority has this week reported that during 2011 banks paid out £1.9
billion in compensation for mis-sold payment protection insurance (PPI). The
average payout for a successful claim was £2,750.
It is estimated that
the final level of payouts could reach £8 billion. With this in mind isn't it
time you established whether you are entitled to a PPI.
Establishing if you
have a claim
The first step you
will need to take is to establish if you have a PPI policy. This is not as
strange as it sounds as you may have been sold the PPI policy without realizing
it. If related to a credit card you should be able to see any payments taken
for PPI Quick Cash Paid on your
monthly statements, but for a loan or mortgage it may not be so obvious. If in
doubt contact your lender to find out.
The easiest PPI
compensation claims to pursue are related to customers who were sold the PPI
policy when they would never have been able to claim on it or where it was sold
to them without their knowledge or consent.
A
few examples of Fast Cash Paid that may lead to a successful PPI compensation
claim are detailed below:
If you were not in
employment at the time you took the insurance - whether self-employed,
unemployed or retired - you will never be able to benefit from the policy;
If it was not explained that a pre-existing medical condition that prevented you from working will nullify the policy;
If you were sold a 'single premium' policy - in which the whole cost of the policy is paid up front and borrowed at the same rate as the loan attached to the policy;
If you were told the insurance was compulsory;
If you were not provided with or never had the terms and conditions of the policy explained to you;
If you were over the
upper age limit (usually 65-70)that the policy will cover at the time of taking
out the policy.
