Payment Protection Insurance (PPI) has been at the centre of a media scandal over recent years due to mis-selling of the policy. Since the Financial Ombudsman Service found many major high street banks were committing this crime, many people have claimed back what money is legally theirs. PPI reclaiming has become a common occurrence since the findings of the FOS.

If you have taken out finance, possibly a loan, credit card, mortgage or other borrowing since 2004, you could be able to reclaim thousands of pounds in unfair PPI payments.

You may have already heard a lot about PPI reclaiming and want to know more. It was found that many customers were not aware about having a PPI policy as the sales person may have included the premium for PPI into the monthly instalments. In these economic times of government cuts, many people are making cuts in their own lives, making it really worthwhile to find out if you should be reclaiming PPI.

So, what is PPI? PPI is a form of insurance designed to help cover your monthly bills, particularly debt repayments, in the event that you are unable to work, for example sickness or redundancy. Doesn’t sound so bad, does it? The problem arises around the mis-selling of this policy. Aside from some customers being unaware of their insurance policy, the FOS found many other situations where PPI has been mis-sold. Examples of mis-sold PPI, and where you should ensure you contact someone about PPI reclaiming are:

• Employment status: the salesperson did not ask your employment status, nor make you aware that if you are self-employed or retired, you will be ineligible to claim on the policy

• Medical history: if you have a pre-existing medical illness, even one from many moons ago that you had completely forgotten about, you won’t be able to claim on your PPI policy – the sales person should have told you this

• Pushy sales tactics: if the salesperson informed you that your interest rates would be higher without this insurance, told you it was a compulsory purchase or that it would affect your credit rating you have been mis-sold PPI.

If you have already paid back what you borrowed, don’t worry, you are still entitled to reclaim your payments, so ensure you start the PPI reclaiming procedure as soon as possible. If you are unsure about the process, or don’t have the time to complete the complex paperwork, why not let a claims management company take care of your claim?

According to the Financial Services Authority, 95% of PPI claims have been upheld by the Financial Ombudsman Service, implying that 9% of PPI policies have been mis-sold by lenders in the UK. If you are considering starting the PPI reclaiming process, contact a claims management company to see if you are owed thousands of pounds. Unlike many claims companies, we provide our services on a no win, no fee basis, with no upfront fees. So why not contact Donns LLP to start the PPI reclaiming process now?