Reclaim PPI

Current estimates indicate that roughly £4bn could be claimed by people looking to reclaim PPI (payment protection insurance) that they have been mis sold.

By May 2008 20 million PPI policies existed in the UK with a projected increase of 7 million policies a year being purchased thereafter. Calculated against the UK adult population (around 62 million) it would mean that at least (34/62) 54% of the adult population would have one PPI policy by May 2010.

It is unlikely however that the policies would not be distributed this way. It is more likely for some people to have had several policies, for example by switching credit cards or loan providers, and it is difficult to identify what proportion of the UK population has taken out one or more PPI policy and may be eligible to reclaim PPI.

PPI Reclaim Solicitors

By using PPI reclaim solicitors you can easily claim back any payment protection insurance that you have mis sold with the minimum of hassle as your solicitor will handle the matter on your behalf.

Mis sold PPI could be reclaimed by:

• Pensioners/Over 65
• Those in seasonal/temporary work
• People with long standing medical conditions
• People who worked less than 16 hours per week
• Those under 18
• Those who at the time of taking out PPI were aware that they were about to become unemployed

Claims could be brought by PPI reclaim solicitors on behalf of customers of banks or lenders who were sold these policies alongside products such as personal loans, mortgages, credit and store cards.

UK PPI Claims

UK PPI claims are likely to come from people who were mis sold payment protection insurance because their bank or lender:

• failed to tell them about the cost of the PPI
• failed to make it clear that they were buying PPI
• did not ask whether they already had PPI
• told them the PPI was required to get a loan approved
• failed to tell them that they could get the same PPI cover elsewhere which could have been cheaper

UK PPI claims are estimated to be worth around £2,000 for someone who bought a single premium policy, though this may vary greatly depending on the circumstances and company with which the PPI was taken.