If you’ve been mis-sold a payment protection insurance policy, you could be entitled to redress, although the firm is allowed to deduct the value of the ppi claims that has been paid from any redress because of you.  If you were paid benefits of 1,000 pounds under your policy and total due is 2,500 pounds, then the value of ppi claims as your redress to be paid by the insurance firm can be 1,500 pounds.

 You may still review your case and you’ll be competent to establish why ppi claims were rejected and whether you had a reasonable expectation that the claim should have been paid.  If the insurance firm failed to disclose an exclusion or condition on the policy but then relied on that to reject your claim.  You could certainly be entitled to ppi claims if this is the case.  Even if the value of the claims is more than the amount or redress that you would normally receive, insurance firms should pay you how much the ppi claims plus interest.

You can also make ppi claims even if your loan or credit account has already been paid.  The firm also need to make certain that the redress reflects the period of time when your loan or ppi finished and when the redress is actually paid to you.  Generally, you can make ppi claims for events that have happened in the last 6 years or within 3 years of becoming aware of the problem, although there could be more possibility that success if the policy was sold right after January 2005.

You can seek the counsel of specialist company in making ppi claims to have the capacity to review your claim and to assess if the firm’s conduct of sale complied with all the Financial Services Authorities rules, the firms duty of care to you, or another requirement of general law.  If the specialist solicitor established that there are failings and you ppi claims are successful, the firm must consider whether you would probably have taken the policy if the breaches had not taken place and then determine the appropriate redress due to you.

 This redress usually includes returning the full level of the premiums you have paid, plus interest each year that you would have received on the amount.  The redress calculation may be more complex where the firm needs to determine what you will not owe on a loan, mortgage, or other credit account if you had not taken out the ppi policy.  Your solicitor will look at the redress carefully to make sure you are getting what was actually owed to you.
If you feel you’ve been mis-sold the product, you could start your ppi claims by seeking the help of a specialist solicitor to be able to begin the entire process of your claims.