10 million people in the UK are owed £3000 or more and do not know about it

June 19, 2012 - PRLog -- They were ripped off while in a vulnerable position and are now owed thousands of pounds in compensation after lenders were fined and held responsible for the huge financial scandal.

PPI was mis-sold by lenders to customers who were applying for a loan, credit card or other form of personal finance. It was added to applicant’s accounts who didn’t want, need or even know what it was. Some lenders added PPI to accounts of customers who rejected the insurance policy or without their consent or knowledge.

For almost a decade lenders were reaping the rewards of the fat profits involved in PPI, the premiums were more profitable than the loan repayments so internal sales staff were incentivized to push customers into buying a product that was not fit for purpose.

Now is the time for those who were duped into buying a product that could not help them to get their money back and more.

If you were mis-sold PPI then the compensation you could receive is far greater than any savings account you could find. If you can show that you have PPI and were mis-sold the policy, you could be in line for thousands of pounds in compensation.

The average person is compensated £3000 for being mis-sold PPI, with many cases being 5 or even 6 figure refunds.

It only takes 8-12 weeks to get your compensation and there is help at hand for anyone who needs or wants it, PPI claims companies are able to help but you can go it alone and complain to the bank directly using template forms available from the FOS website (http://www.financial-ombudsman.org.uk/
).

Before you start the process of claiming back PPI compensation (http://www.claimbackppi.co.uk) you should dig out as many documents as you can find, statements, policy statements and letters and scan for signs of PPI. It is often hidden behind references or other titles but essentially any form of additional ‘insurance’ charge could be PPI.

Your next step is to understand whether you were mis-sold the policy in the first place; there are many ways that this could be the case. Being too old or too young, retired, self-employed or not being told all the important details about the policy are eligible reasons to make a claim.

If you believe that you were mis-sold PPI, do some research, find help in the form of a PPI claims company if you require it and get started. It can only take a few minutes of your time and a few weeks waiting for thousands of pounds.

One client of DPA Claims (http://www.dpaclaims.co.uk), Andrew S came to us ‘as a punt’ thinking he had 1 or maybe 2 accounts that he was unsure whether he had PPI on. 8 weeks and 13 claims later he received an offer for nearly £10,000 for 7 of his claims with HSBC, he is still waiting on 6 more meaning his compensation could be well over £20,000.

So what are you waiting for, take a punt and see if you are owed thousands just like Andrew.