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Compensation for Mis-sold PPI Policies

One of the biggest financial scandals of recent years is that of PPI mis-selling. 

Mis-sold PPI, or Payment Protection Insurance, has been a hot topic in the news of late, especially since the PPI court case which saw the banks legally bound to pay compensation to consumers who had been affected by it.

You’ve probably heard about how the banks attempted to dodge their responsibility to borrowers they had wronged, how they took their case to court and subsequently lost, and how billions of pounds have now been set aside as a payout to customers who had been lumbered with mis-sold PPI.

What you may not be so certain of is exactly what PPI is, how mis-selling works and whether you too could be one of those eligible for compensation.

As part of our ongoing effort to keep people informed and up-to-date with vital legal topics, Law on the Web has put together a comprehensive explanation of the PPI mis-selling scandal, how you can find out if you have been affected, and what you can do if you have.

Our free guide to the topic of mis-sold PPI will enlighten you on the ins and outs of this often complicated subject, ensuring that you are equipped with all the knowledge you may require to deal with any PPI mis-selling you could have been a victim of – and helping you to claim back any money you may be in line to receive.

As with many such financial scandals, the mis-sold PPI debacle is a tale of greed, deception and intrigue – but in this case, the perpetrators have been brought to justice, and you could be owed thousands as a result. If you’re interested in finding out if you could be entitled to compensation, continue on to our What is PPI? section.

How can I reclaim?

Reclaiming PPI has been made a great deal easier since the Financial Services Authority ruled in favour of consumers in April 2011, opening the door for all who were mis-sold PPI to claim back their money.

You can initiate the process of claiming back your PPI on your own, by contacting your bank. If the bank shoots down your claim for PPI compensation, you can then take your claim to the Financial Ombudsman Service, which can look in to your complaint and see if the bank was right to reject your claim.

You also have the option of taking your claim to a claims management company.