A high profile court case in 2011 meant that lenders and banks were found guilty of having mis-sold payment protection insurance; a policy which is meant to be beneficial to borrowers. There were numerous ways in which this policy was mis-sold and, if you believe you were one of the ones that suffered as a result, you may be entitled to reclaim all of the payments that you have made along with interest on the total.
A payment insurance policy was a voluntary policy and this means that you should have not only been made aware of it but you should have been asked whether you wanted it or not. Some salespeople were found to have told borrowers that their mortgage, loan, or other financial product was dependent on their taking out this insurance policy and if this happened to you then you have a right to reclaim the money you have paid.
Payment protection policies were not suitable for everybody. For example, the self-employed and those that were part of the armed forces should have been advised that the policy was not right for them. Again, if you believe you have been mis-sold your policy in this way, then you may be entitled to reclaim the money and it could total several thousands of pounds.
Unfortunately, PPI was a huge money spinner for lenders and insurers and this meant that salespeople were put under massive amounts of pressure in order to make a sale. This is what led to the policies being wantonly mis-sold and is the reason why so many Britons now have the opportunity to be able to reclaim the money that they have paid into a policy that was not suitable and not explained thoroughly and properly.
The amount that you are due will depend on your personal circumstances as well as the number of policies you have, the amount you have paid, and how long you have been making payments on this policy for. As well as the total you have repaid you are also entitled to reclaim interest so that you are not left out of pocket.
Contact CanaryClaims.co.uk for more information on PPI and to discuss your case. We can help you to reclaim the money you have paid – you could receive £1000s of pounds in reclaimed money.
