In May 2011 the banking industry agreed that there had been wide mis selling of PPI (Payment Protection Insurance). This gave the go ahead for millions of people to claim for mis sold policies and billions of pounds in compensation have so far been paid.
For this reason if you feel you might have been mis sold PPI you should certainly make a claim. However if you are in a DMP (Debt Management Plan), IVA (Individual Voluntary Arrangement) or are bankrupt the way that any compensation you are due will be paid will be significantly affected.
Comprehensive information regarding everything you need to know about claiming for mis sold PPI if you have used or are currently using a DMP, IVA or have been declared bankrupt can be found here. The information is divided into a number of key sections.
Claiming PPI after an IVA has finished
If you have used an IVA (Individual Voluntary Arrangement) in the past and the agreement has now finished you may think that you are now unable to claim for mis sold PPI. This is not the case. Even if completing your IVA meant that you did not repay all of the debt that you originally owed you can still make PPI claims now. Having said that unless you get specialist help there is a good chance that you will not receive the compensation you are due. More information about this and how to successfully claim for mis sold PPI after an IVA is available here.
Claiming PPI whilst in a DMP
If you are currently in a DMP (Debt Management Plan) you may think that you are not able to make a claim for mis sold PPI. However this is not the case. Even though you are struggling to repay your debt making a PPI claim is both possible and if successful could be very helpful in terms of helping you pay off the money you owe. Nevertheless there are a number of issues that you will need to be aware of before starting the PPI claims process if you are in a DMP. All the information you need can be found here.
Do you want help claiming for PPI after your IVA has finished? Give us a call on 0800 077 6180 or complete the form below to speak to one of our experts
Claiming PPI when bankrupt
If you are currently bankrupt you will normally gain no direct benefit if you make a claim for mis sold PPI. Any compensation payment you receive as a bankrupt person will be treated as a windfall and will have to be paid to the Official Receiver. Having said that if you have already been discharged from your bankruptcy you may be wondering whether or not you can now make PPI claims and have a chance of keeping any cash you are awarded. More information about claiming for mis sold PPI both before and after you are discharged from your bankruptcy is provided here.
Claiming PPI while in an IVA
If you are currently in an IVA any compensation that you receive from a mis sold PPI claim is treated as a windfall and will have to be paid to your IVA company so that it can be distributed to your creditors. For this reason it is normally sensible to wait to make your PPI claims until after your IVA is completed. However you may find that this is not possible as more and more IVA companies are now forcing people in IVAs to make PPI claims as part of the standard conditions of their agreement. More information about this is available here.
How to claim for mis sold PPI?
If you have always maintained your debt repayments and have never used a debt management solution then there is no reason why you should not claim for mis sold PPI. By doing this you could be awarded compensation of thousands of pounds. You have the option of making the claim yourself or using a commercial claims management company to help you. Information on how to make your claims is available here.
Who can claim for mis sold PPI?
If you are considering making a claim for mis sold PPI compensation you will first need to understand whether it is likely that you were mis sold to. There are a number of key indicators that will point to whether you were a victim of mis selling or not. These include things like whether you were pressured into taking out the insurance (for example the bank would not give you credit unless you took PPI) and if it was not made clear to you that the insurance was optional. Help to understand whether you are eligible to make a claim is available here.