Obtaining a refund on your PPI is a straighforward process. If you engage the services of a claims company they will deal with the complaint on your behalf.

Making a legal complaint can take just a couple of months. Once the complaint is complete you will be issued with a cheque for the redress amount. How can you tell if you were missold PPI?

PPI was missold for a number of different reasons. One reason is due to expense. It is an expensive product and not everyone wishes to take out such a policy. At times you will find that you will need to pay interest over and above what you are paying for the insurance. Due to this the lender should have discussed the cost in great details. If this was not the case you are entitled to make a complaint .

Some people already have cover in place to safeguard them in case they become unemployed. Should this be the case then why take out an extra plan. The lender should check whether you have existing cover before selling this product to you.

If you’re not working there’s no need for such insurance. If you weren’t working at the time you have every right to feel aggrieved . Cover for the unforeseen loss of your job is a fundamental reason for purchasing such a plan. Therefore if you don’t have a job then you don’t need the insurance.

This whole business of PPI miselling has been widely reported in the press. It has been brought to the public’s attention that such policies aren’t always suitable for borrowers. Now is the best opportunity to reclaim PPI. Many people are claiming back thousands of pounds. So it’s a good idea to see if you can make a valid claim. In addition to a refund of premiums you should also reclaim the interest paid.

Most people are eligible to make a claim. The majority of claims are successful, although some require appeal. A claims lawyer can handle any appeals for you. A legal exec can also make sure you get back the right amount. This is vital as checking offers can result in an increase on the amount reclaimed.

It just seems to be one mis-selling scandal after another. The fact is, most people need a bit more hand-holding with complex insurance contracts. Before entering into the agreement certain things should be pointed out to you. If this is not the case then the lender hasn’t performed their job properly and you could be entitled to claim.

A number of lenders have received fines due to the way in which they advised consumers to take out PPI. The reason for this is the systematic mis-selling of this type of product over a period of time. A complaint is possible even if the loan has been paid off. All your need is your policy documents or the account number. Anyone can claim if they feel that they have been mis-sold this type of insurance. The finance institution should carry out an internal investigation and provide you with a final response. If you win the claim you’ll receive redress which is calculated based on how much you have paid into the policy.