PPI is a hot topic, with two of the main consumer regulators, the Office of Fair Trading (OFT) and the Financial Services Authority (FSA), carrying out investigations into high-pressure selling tactics that have resulted in so many polices being inappropriate and therefore mis-sold.

The real profit from selling loans or credit cards often doesn’t come from the products themselves, but from the Payment Protection Insurance sold alongside. There are around 20 million PPI policies in the UK, generating over £5 billion a year for the companies involved. Yet it isn’t the insurer that reaps most of the reward, it’s the company selling the loan.

All you need to do is check if you have the insurance and if you fit into one of my mis-selling categories. As well as loans and cards, PPI is sold alongside mortgages, overdrafts and catalogues (basically anywhere you borrow money) so check your statements to see if you’ve been paying without knowing.

If you think you were mis-sold a PPI policy you have an opportunity to confront the company that sold you the policy and see if they will refund your money. You can do this direct or use the services of the Financial Ombudsman Service but this does take time and some understanding of the process. Some people find this process quite time consuming and intimidating .

That is why more and more people are turning to Claim Line UK which has been specifically set up to assist you in your PPI compensation claim. We handle all the paperwork and communication for you. All you need to do is submit your claim to us and we do all the rest.

What Can I Expect To Get Back?

This amount can vary and depends on the size of the premium and what you are entitled to but it can be big money ! As a simple measure start with your monthly premiums and times that by the number of months you have paid. In some cases you can also claim back lost interest too.

If you have a large loan this could run into £000's.

The Financial Ombudsman has a 80% success rate in claiming back single premium policies. 

How far back can you go?

Without doubt if your policy started in the last six years you should start a PPI compensation claim for mis-selling. Lenders must keep their paperwork for six years so the policy documents should be available from them.

If your policy is over six years old and you still have all the paperwork it is still worth looking into the policy but be aware this could be a lengthy process as the lender is not obliged to keep copies and may contest any issues you put forward.

If your policy is over six years old and you do not have any of the paperwork do not start a claim as you nor the lender have any paperwork to work with . Any claim is highly unlikely to be successful.