Millions of people in the UK are entitled to a refund for their mis-sold payment protection insurance but it is estimated that as many as half still haven't made a claim. One of the reasons for this is because many people didn't even know they had PPI in the first place. Yes, unbelievably this is more common than you would think. Another reason is that our memories aren't always that good and loans and credit taken out years ago have usually long been forgotten about. It is however worth finding out if you did have PPI as it could be worth a small fortune.
So what is PPI anyway and what makes it 'mis-sold'?
PPI is an insurance that was supposed to cover your debt repayment if you couldn't work. However it turns out that it is a very poor value product that often wont even cover you when you need it most. For example if you were self-employed, unemployed, in temporary employment, on a fixed term contract or even retired you might not be able to claim on the insurance. Also if you have a pre-existing medical condition such as a bad back this may also stop you claiming if you're unable to work. So if these points weren't made clear to you when you bought the policy chances are you were mis-sold it.
So what should you do if you think you've been mis-sold PPI?
Well making a complaint is easier than you might think. Most banks and creditors have pages online with information about how to make a claim. Just go to Google and search for the name of your bank followed by "ppi claim form" and the page you're looking for will usually be at the top. Then follow the instructions on that page to download the 'questionnaire' form, fill it in and send it back by post or email.
Where can I get more information?
Many websites online can help you with your PPI claim and they usually fall into two types. These are claims company web sites that will charge you in return for handling your claim and free information sites that will enable you to 'Do It Yourself'. Martin Lewis operates Money Saving Expert that has lots of great info but can be overwhelming. PPI Guru is also a good resource and has a good basic guide to get you going with the claiming process.
So as you can see it's understandable why so many haven't claimed yet but with the high probability that you could get a nice payout wouldn't it be worth spending a bit of time going over old statements to see if you did actually have PPI. Just think you could pay off some debts or maybe go on that well deserved holiday!