Payment protection insurance has been one of the most contentious financial scandals of the last ten decades, with thousands being missold the insurance to the estimated cost of more than a billion pounds. How can you tell if you're missold the insurance? Read on

One of the most frequent indicators regarding whether or not you're missold the insurance was in case you had been advised that it was a compulsory part of getting any loan or credit card. Under no circumstances should this specific insurance have been marketed as compulsory, as it is only an option. If you were pressured into buying the insurance in any way, then it is entirely possible you may be eligible to receive compensation from the bank that first supplied it. Clearly an expert that is able to supply you with a PPI check calculator will have the ability to help you make that decision.

There are also particular groups of customers who were largely ineligible for this variety of insurance that were nonetheless targeted with sales anyhow, so if you fitted to any one of these when you were sold the insurance, then you're likely to qualify for the refund. These groups include students (who often don't work enough hours to qualify for the insurance), self employed (who were frequently sold the cash whilst not really being able to claim the payout should they be unable to operate) and pensioners (who wouldn't be eligible to claim any cash on the policy due to the simple fact that they're not in paid work. Check with the experts, but you're inclined to be eligible for refunds if you were in one of these classes.

One of the very surprising factors that is really involved when it comes to becoming eligible for payment protection insurance, is that many of the loans have been sent as a member of a mortgage. Paradoxically, most financial institutions actually weren't shameful on the way the insurance was sold! If you purchase a new mortgage within the last ten decades or so, then you might have been missold the insurance as a negative to the mortgage itself - a practise which was untrue and has since been declared illegal. Assess your mortgage policy, as you might even be paying for your PPI without being conscious of it - cloaking sales were common at the height of the scandal, so it is certainly worth checking out for. Banks also have retained back an estimate #3bn in funds for PPI, meaning that they have now reached a point where there is not much resistance by them in paying off what they owe - something which was certainly not always the case in regards to the delays whilst PPI payments were debated in the courts. Many banks have been accused, also found guilty, of misspelling the cover at prices estimated at about #1billion. Using a PPI calculator can help you find how much you are owed, keep reading.

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