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If you were given payment protection insurance by your bank or any other lending institution without your express consent, then you might have been a victim of missold PPI. In cases like these, the PPI is often invalidated and the borrower stands to gain from it financially. Assuming of course, that he or she is aware of the PPI misselling that occurred. Otherwise, the borrower will just be another statistic in the number of rejected PPI claims that stems from the practice of PPI misselling.

Missold PPI is payment protection insurance that was given to you along with your loan without your knowledge. Banks and other loan companies do this to a lot of people, often causing these borrowers to incur charges that they have no real intention of paying for. In fact, it won’t come as a surprise if they didn’t have the slightest idea that they existed. Although if they look into their statements they will most likely find these charges.

The act of PPI misselling is so widespread that the payment protection insurance industry in general has earned flak for having a high number of rejected claims because of it. Mis sold PPI is a common occurrence especially when a borrower does not know how much exactly the monthly repayments on a loan should be. In such instances, the extra fee for the missold PPI will often be overlooked or not noticed.

It’s also possible for PPI misselling to occur when a lender insists that purchasing payment protection is mandatory with a new loan and that it cannot be availed from anywhere else. The truth is that you can take out payment protection insurance at any time and you can also shop around and get it from another provider if you do not agree with the policy being given to you by your bank or lender. It’s also worth mentioning that already existing alternative covers may be used, and that taking out payment protection insurance will not even be necessary at all

Now once you have actually been missold PPI, is there no more hope left for you? Is there still a way for you to file a successful claim and get back at the bank or loan company who missold the PPI to you with your loan? The answer is yes and here is what you would  need to do.

In cases of PPI misselling, the first thing that anyone needs to do is to contact the lender from which the loan or payment protection insurance was purchased before you can claim back ppi. This can be done in any number of ways, including calling them directly via phone or through one of their hotlines. You can also send them your request  in the form of a letter. The method that uses writing is the most preferred since this method gives you a way to collect transcripts of your conversations in case you need it for reference in the future.

Of course, most banks and loan providers will deny you of any contact and will plead ignorance while insisting that since you signed the contract in the first place, you yourself might be liable. In cases which involved written contracts, there might not be much you can do. However, cases like these are still worth pursuing.

In case the bank or loan provider really doesn’t want to face up to your concerns, you can contact the Financial Ombudsman and voice your grievances about the issue in their office. This still doesn’t guarantee success, but it’s a vital step in ensuring progress.

As a last resort, there are PPI reclaiming services that can help you go after your proper compensation for having been missold PPI. The great thing about them is that most of them do not even charge an upfront fee for the services they offer. Instead, they ask for a small share of your overall payout once you collect it. They waive the upfront fees to work on your PPI claim and will just ask for a small portion of the final collection.