Payment protection insurance: Have you checked yours?

Claims for mis-sold payment protection insurance are on the up; in fact cases have doubled every month for the last six months at Fairinvestment.co.uk's partner firm Claims Financial.

These figures back up the recent statistics from the Financial Ombudsman Service (FOS), which discovered that PPI claims through the FOS have trebled in the last year.

Of those complaints, the FOS turned 89 per cent around in favour of the consumer. Similarly, Claims Financial has a win rate of almost 100 per cent, having only ever lost one case.

The figures speak for themselves, which is why Claims Financial is urging people who have taken out loans, mortgages and credit cards in the last six years to check whether they have payment protection insurance, because the chances are it was mis-sold.

Commenting, Bradley Askew, managing director at Claims Financial said: "We are doing everything we can to get the message out that millions of policies were mis-sold. The difficulty we have is that many people do not even know they were sold PPI as it was automatically added on top of the loan without any agreement from the customer.

"We encourage people to check all their loans, credit cards and mortgages from the last six years to see whether they have PPI. If they do, there is a high chance they have a claim," he added.

Chartered financial planner at Fairinvestment.co.uk, Sharon Bratley added: "Consumers have been treated far from fairly as far as payment protection insurance is concerned. In many cases the whole of the amount of the insurance is added to the amount of the loan so that even if the loan is paid off early, you still have to bear the total cost of the payment protection insurance and not just what you've used."

Consumers can lodge a PPI complaint with Claims Financial through Fairinvestment.co.uk, one simple form is all it takes to get the ball rolling.