If you are living in the UK the chances are that you have seen or heard ads on the TV, in the papers and on the radio advertising services to reclaim mis-sold PPI. What you might not be aware however is how these advertisements relate directly to you. You may be one of the unlucky consumers who were ripped off and mis-sold payment protection insurance.

If you were sold a mortgage, loan or credit card within the last 6 years the chances are that you were offered payment protection insurance. Payment Protection Insurance or PPI as it is more commonly known is an insurance policy offered alongside forms of credit to protect consumers in the event of accident, sickness, redundancy or critical illness. Lenders selling PPI often mis-sold this costly insurance policy to consumers, who did not need, want or ask for it so that they could reap the rewards of the generous commissions they earned. As a result of this blatant mis-selling they now have to repay all mis-sold policies. It is estimated that there are as many as 31 million mis-sold policies which may cost lenders a staggering £12billion in compensation.

Lenders were reckless in their mis-selling of PPI and sold it to consumers who were ineligible for its cover, those that did not know they had it and to consumers who were told it was compulsory. You might have been ineligible for any cover under your PPI policy if you were self employed, working part time, on contract work, were over 65, under 18 or had pre existing medical conditions when sold PPI. Lenders were also extremely ruthless in the way they sold these policies. They often told consumers that it was compulsory or pressurised them into taking it as part of the credit package. This is not acceptable and if you fall into any of these categories you may be eligible for PPI compensation. The unfortunate thing with PPI is that you might not have known that you had it. Lenders would often build PPI premiums into monthly repayments so that consumers were not fully aware of the costs and charges.

If you have had a loan, mortgage or credit card it is strong advisable to check if you were sold this costly insurance. If you are not interested in carrying out an investigation yourself you have the option of using a dedicated claims management company. They can give you a free no obligation review of your case to uncover any potential mis-selling. A claims management company will offer you a no win no fee service for reclaiming mis-sold PPI and they will deal with all matters relating to your claim from first contact onwards. You might not be aware of it but you may be entitled to PPI Compensation.