Many who apply for loans are doing so because they have no other option. It can cause a certain level of anxiety, especially when the applicant has a history of with unemployment or ill health. Some of this worry can be eased bv PPI for when such incidents occur, the repayments will be granted a holiday. Loans are protected in this way, even without collateral.

To know exactly how much you can claim from the bank or other financial institution you believe mis-sold your PPI, you need to examine the core factors so that you can optimise your claim. You should, for example, demand the return of the full premium of the PPI. You can ask for all payments you have made on the policy to be returned as well as all of the interest you have paid. You are entitled to ask for the return of all payments so state that it must be returned to you.

Further, you can request that you receive all commissions received by the sales agent on the sale of your PPI. Brokers fees must also be returned to you by law. Statutory interest on all payments mentioned so far should also be requested which can be at an 8% premium. You can ask for any agent or broker commissions to be returned to you. The return of broker fees are merely fulfilling a legal obligation.

Although the amount that is returned to those who have made a successful claim can vary wildly, there is an average amount within the region of 2,500. The PPI will have to have had been taken out within the last five years, however. Some people have even managed to claim as much as over 25,000. Taking this into account, it is certainly worth making a claim if you feel that you have been genuinely miss-sold.

You should make your claim as soon as possible due to the time constraint. Seek out advice to ensure that you have a legitimate claim to make before you go ahead and attempt formal proceedings. There are companies who can make the claim for you with no upfront fees.

Mis sold PPI claims are on the rise in the UK for the banks.