Whilst the vast majority of us will have heard about the scandal surrounding mis-sold PPI, there are still a number of myths in circulation. Being misinformed is one of the things which led to PPI being mis-sold in the first place and, therefore, further miscommunication could lead to similar problems.

For many people, determining whether they are entitled to make a claim is the hardest part of the PPI situation. To begin with, many people were unaware that they ever purchased the policy and this is something they could still be unsure of.

It is, therefore, vital that you review your situation and look at any loans or credit cards which you have taken over the past ten years to see if you are entitled to claim. PPI claims can be handled by dedicated agencies or firms and they will be able to advise you on whether you are entitled to make a claim.

Of course, before you start considering this action there are certain things which you need to know about PPI and the scandal that has engulfed it. For many people, the PPI scandal has left them believing the product is entirely negative, but this is not necessarily the case.

PPI itself is a form of insurance – payment protection insurance to be precise. The product is used to ensure that loan repayments are covered in the event that you are unable to cover them – due to unemployment or sickness, for example.

PPI can be extremely useful for individuals who are worried about the future state of their finances when taking aloan and can give them the peace of mind that their repayments are protected should their situation change.
Another common misconception over PPI and claims for mis-sold policies is that there is a restriction on the number of claims an individual can make. This is not the case and victims of the scandal are entitled to make numerous claims.
Specialist firms, such as PPI Claimline, will be able to handle these multiple claims, helping individuals to receive the reparation and compensation which they deserve.

The reason why there is no limit on the number of claims you can make is because individuals may have taken more than one loan or finance product during the affected time frame and that means they may have been mis-sold more than one PPI policy. This is why it is so important that individuals check all of their agreements for loans, credit cards and other products – lodging multiple claims where necessary.

To restrict the number of claims individuals can make would be to limit the compensation that is due and that would mean people would still have lost money.

It is important to remember that all PPI claims are designed to seek financial recompense for money that was incorrectly taken. This means that you are not claiming anything that you have not already paid out and, therefore, PPI claims are simply a way for you to rectify the situation.