Payment Protection Insurance is an insurance product designed to pay consumers financial repayments in the event of an Accident, Sickness, Redundancy or Unemployment.
It would cover you if you were off work due to sickness or accident, or if you were made redundant, it would typically cover you for a period of twelve months.
At its peak in 2008 the banks were selling over 7 Million policies a year (source), resulting in massive profits for them with little to no benefit for the consumer.
Several High profile banks have been fined by their regulators for their part in the mis-selling scandal, Lloyds were fined a record £117 million for serious failings in their PPI complaints handling (source), Yorkshire Bank were recently fined £20 million for mis-handling PPI complaints (source). Also Alliance and Leicester were fined £7 Million (source), HSBC (source), Capital One and EGG were fined up to £1.1 Million.
With Payment Protection Insurance being the most complained about financial product in history it is no surprise that over £22 Billion has been set aside to cover the cost of compensating consumers, with Lloyds, HSBC, Barclays and RBS responsible for over £18 Billion of it.
You may have been mis-sold payment protection insurance if any of the following statements are relevant to you:
The provider who sold you the PPI has to put you back into the financial position you would have been in if you never took out PPI.
This means you could be entitled to a refund of all the premiums you have paid, as well as any interest paid on those premiums.
You are also entitled to 8% compensation interest on every premium you have paid, from the date you paid it to the date your claim is resolved.
The average compensation awarded to our clients in 2014 was £1850, potentially you could be owed thousands of pounds in compensation!
My Claim Solved is regulated by the claims management regulator in respect of regulated claims activity, we operate a "no win, no fee service*" and charge no hidden fees for using our service.
We have successfully secured over £15 Million of compensation for our clients and win over 80% of our valid PPI claims**.
We have secured compensation amounts from as little as £1 to as much as £34,000!
We have a team of dedicated and trained claims handlers specialising in PPI claims, they put you first and fight your corner to secure you the compensation you are entitled to.
We are one of the leading claims management companies in the UK, we have strong relationships with a number of the biggest providers offering us services that many claims management companies don't have.
We utilise data subject access request which means you can make a claim even if you cannot locate your account numbers because we pay to find this out for you.
To start your PPI claim, complete the form on the right and we will give you a call!
*A fee may be payable if a case is not pursued at the clients request once the claim has been processed by the Company.
**A valid claim is an eligible PPI claim where PPI has been identified on the product.