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Payment protection payouts

In the first ten months of 2011 an incredible £1 billion was paid out in payment protection compensation. The figure highlights the sheer scale of the mis-selling scandal that has hit ordinary banking customers across the UK. So far it is estimated two million customers have made a complaint. If you are unsure whether your policy was mis-sold and whether you could be entitled to claim payment protection payouts, you may find the information below helpful.

Was there something about your circumstances at the time of sale that would make you unsuitable for a payment protection policy? For example:

  • Were you aged sixty-five or over?
  • Were you suffering from a serious pre-existing medical condition?
  • Were you unemployed, retired or in full time education?
  • Were you self-employed?
  • Were you in secure employment with full sick pay entitlement?
  • Did you have cover in place elsewhere?

You should also think about the information you were give at the point of sale and whether any of it was potentially misleading. For example:

  • Did the salesperson fail to explain the full terms of the policy?
  • Did the salesperson fail to make the costs clear?
  • Were you incorrectly told you had to have the cover or that it would improve your chances of being given credit?
  • Were you given incorrect information, for example were you told something was covered that you later discovered was not?

Many customers also successfully receive PPI payouts after discovering they have been sold a single premium policy that was unsuitable for their needs. This could be because a monthly policy would have proved cheaper or because the single premium policy only covered part of a longer loan and the customer was not made aware.

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