PPI claims are big news at the moment and it seems we are being told that most of us are due some form of compensation.

The situation is not quite so wide-reaching as suggested, but there are certainly thousands of Britons who could be owed money for mis-sold insurance on finance agreements.

PPI compensation could be due if you were mis-sold Payment Protection Insurance when you took out a loan, credit card or mortgage.

In general terms, this often means that a financial adviser or broker knowingly gave incorrect misleading advice. For some borrowers it has turned out that they were not eligible to utilise the PPI policy, despite being told they would be covered.

In other situations, borrowers were not even aware that a PPI policy had been added to their borrowings.

These circumstances may amount to professional negligence on the part of the financial expert and could warrant a case.

Financial claims of this type are possible if it can be shown that the adviser knowingly gave incorrect or misleading advice and that you did not want, need or ask for the insurance or were ineligible for it.

“We would urge anyone who has a PPI policy on their loan, credit card or mortgage to start by gathering all the paperwork and collecting all the details of what they have paid,” advises Matthew Briggs, CEO of www.claims.com

“This evidence will be vital when finance solicitors come to determine whether you have a claim.”

PPI compensation payouts can run to thousands of pounds and the amount given will depend on how much has been paid into the policy.

The average settlement is £2,500, but you may be entitled to more, or less, depending on the circumstances. Interest can be awarded as well, although tax will be due on this amount.

It is possible to make a PPI claim even if the debt has been paid off, as long as it was taken out within the last 10 years.

Many banks and other lenders have already set aside money for PPI mis-selling victims, so if you think you are due compensation you are right to state your case.

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