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Reclaim Mis-sold PPI

The PPI scandal, the biggest to hit the UK financial market in history, has so far seen millions of people make claims for mis-sold PPI charges.

PPI stands for Payment Protection Insurance and is an insurance policy specifically created to help you keep up with you loan, credit card or hire purchase repayments in case you find yourself unable to work due to an accident, sickness or unemployment (ASU). Other forms include Life & Accident, Sickness & Unemployment cover (Life & ASU), Mortgage Payment Protection Insurance (MPPI), Personal Loan Protection (PLP) or Credit Card Repayment Protection Cover (CCRP), these policies are often sold alongside your mortgage, loan, credit card or store card.

Many lenders have been subject to criticism for the methods employed in securing the sale of the PPI policies. This criticism has led to the High Court ruling that where a policy has been mis-sold the policyholder is entitled to compensation.

If you have taken out a loan, a mortgage or any other form of credit agreement between 1995 and 2009 you may be entitled to claim back the fees on your PPI policy. You may not even know you had it and therefore were paying for it; this means that you may be entitled to claim compensation. These policies are intended to pay the customer’s credit card or loan should the customer become unemployed or ill and become unable to pay the monthly amount themselves.

The average payment so far is around £2,750 (BBC News), but some have been considerably higher. Here at Red Star Financial Management we have been claiming successfully for our clients since January 2010, which has given us a huge expertise in this process.

Up to date payouts have now reached a massive £21.4 Billion (FCA).