PPI

Sadly if you have not started your claim by the 29th of April 2019 it is too late!  As this deadline has now well passed unless you have rock solid extenuating circumstances the chances are low. However PPi was not the only financial product that has been systematically mis sold. Let’s explore further what you may have been mis-sold.... 

PPi was systematically mis-sold by financial institutions for many years despite the regulations. Estimates of 64,000,000 mis-sold policies costing billions of pounds to millions of people is widely known. Maybe you were lucky to have this money returned!  

What else have the financial institutions been up to?  

  1. Packaged bank accounts like PPI have been mis sold to millions of people in the UK. Unlike PPI this is relatively easy to find out if you are a victim and easy to get the money returned if you qualify. You can read out articles on Packaged Bank Accounts for more information. Whilst the potential pay-out is lower than PPi it is often hundreds of pounds so certainly worth a quick call to your bank or check of your statement. 
     
  2. Mortgages have been widely mis-sold to people who could either not afford them, did not understand the charges or had hidden commission levied upon them. Read our article on mis sold mortgages. These claims are more complicated that Packaged bank accounts but the potential compensation is far higher. There are companies to help you find out if you have been mis sold but they will charge a commission. Find out more

Fundamentally if a financial institution like a bank has sold you a product or service and you experienced any or all of the below you may be due compensation; 

  1. You were given bad or inaccurate advice.  
  2. You were not provided with full and appropriate information.  
  3. The risks were not explained to you.  
  4. You were not told about additional charges or experienced hard sell tactics.  
  5. You were not told about commissions the institution may receive. 

If any of the above sounds like something you have experienced speak to the company in question!  

TOP TIP 

Whilst claims management companies have helped millions of people get back what they are rightfully owed they do charge a commission. Do not be afraid to speak to your bank or lender about your concerns. They operate in a tightly regulated market and are obliged to assist you. If you feel you are not getting the help you need consider speaking to the Financial Ombudsman, the FCA or the Citizens Advice Bureau. This advice will cost you nothing. 

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