I had a valid claim for PPI mis-selling?
First of all, and dumb as it seems you need to establish if you have payment protection insurance (other wise known as PPI). While heavily mis-sold not every loan was sold with it, but you can have the insurance without knowing.
Then you must determine which loans, mortgages or credit cards may took out PPI. In the case of a credit card should be able to see any payments taken for PPI on credit card.
However in the case of a loan may not be apparent on your statement as may have been put on as a lump sum and added to your loan at the beginning and then can’t show as a single item on your statement. If this is the case you should contact your lender to find out if you have it.
The most obvious cases of people mis-sold PPI are those where customers were sold policies where they simply do not have any chance to claim on it. Examples of this are shown below:-
If you have been unemployed, self-employed or retired at the time of taking the policy there will be no possibility of making a valid complaint of PPI.
When he took out the policy, already an ongoing medical problem that might have kept from work, then you would have no chance of claiming this medical condition was then exposed as. If this has not been explained the loan consultant, then you have a valid application.
When a loan and were sold a single premium PPI policy. This is so the entire cost of the PPI award was paid for up front with this fee PPI be borrowed at the same interest rate of the loan.
When you took the loan, if the full cost of the PPI was not explained to you, or the loan quote showed only the cost of the loan with the PPI associated, then you have a valid indication mis-selling PPI.
While not a complete list, this shows how easy it is to make a complaint for mis-selling PPI. For more details on how easy it is to take and how much can you win then please read the authors sign below.
Average compensation of mis-sold PPI is about £ 2,500 so if over the past five years has had one or more PPI policy then clearly is well worth it in claiming compensation for the PPI. Some people have even argued over £ 25,000!