26/06/2010 by Bradders.

A lot of people question if they have been mis sold ppi but the only people who truly know are the staff at the Financial Ombudsman Service who judge on the banks sales processes. However I have drawn up a brief guide that should at least point you in the right direction but should not be treated as a statement of absolute fact. 

If you were suffering from a medical condition at the time of the sale and it was more than probable that you would need to make a claim regarding this, then missold ppi. 

If you were retired, self employed a student or working less than 16 hours a week, again mis sold ppi 

You were employed on a contractual basis or self employed, yes, missold ppi 

You had a discussion with the sales person about payment protection insurance but the terms and conditions were never discussed, missold ppi  

You asked for a loan or mortgage but were pressured into taking this insurance, again, mis sold ppi. 

You discover by chance that you have this insurance but were not told at the time of the sale, missold ppi. 

If you have an inkling for any reason that you may have been missold a ppi policy the best advice is to check it out, you never know. 

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26/06/2010 by Bradders.

Over a few drinks the other night, as a change from the highs and low’s of the World Cup, a colleague and I got chatting about the ppi market. A number of things were discussed such as how big the actual market was in terms of people who were mis sold ppi. There are  countless estimates but no-one actually knows the exact figure. We then discussed what the average claim was in terms of the value of the policy and it’s generally accepted that the figure is around £2,000.This means there are a lot of policies that are less than this but there are also a substantial amount of claims that are a lot more.  

We then decided to compare notes on our own personal knowledge of the claims that we have dealt with. My colleague went first and said he had dealt with several claims above £10,000 and the highest to date was just under £15,500.This was a successful claim and the recipient was eternally grateful as it helped him overcome a difficult financial period in his life.

I knew immediately what the biggest claim I had ever dealt with was. It was attached to a £100k loan and the ppi attached to this was £25,000.When one considers that this insurance only lasts for 5 years that’s a massive £5000 a year just for the insurance and with interest considerably more! Somewhat taken aback my colleague asked if it was a successful claim. I had to say yes and no, due to the fact that the Omdudsman had ruled in favour but the company decided to call it a day and go into administration. The case is ongoing and is with the FSCS so there will be one very happy client when the mess is sorted out. 

So, what is the biggest mis sold ppi policy ever? I suppose like the size of the ppi market no one truly knows for sure. I have heard of a case that was around £35,000 and another that was £50,000 although I think the latter could have been exaggerated. However if anyone has been missold this insurance whether it was £1,000 or £50,000 they should do their utmost to claim this back

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