It has been revealed that the rate of refunds for mis-sold Payment Protection Insurance (PPI) has risen significantly in the past few months. New details from banks in the UKshowed that the first half of the year saw approximately £215 million refunded to customers, with £100 million of payments made between May and June alone.

The Financial Services Authority (FSA) said that the data consisted of the 16 financial institutions and banks who had contributed to more than 90 per cent of the claims. The period between May and June noted particularly high sums after several key groups admitted liability, ended court cases, and had to make refunds back to customers instead.

For those who have successfully made their claim, the worst is now behind them. However, it does signal the ideal time for consumers to check their own status and see if they have a valid PPI claim. Millions of financial institution customers are still unaware of possible claims, with UK banks preparing for a significant rise in claims. With millions of products being mis-sold over the past years, particularly when mortgages and other loans were taken out, a huge proportion of consumers will have the right to claim back the money that bought an un-needed or un-wanted product. In addition, whilst figures from the SRA showed that refund rates have risen significantly throughout the year, gains are expected to continue for some time.

Mis-sold PPI is not acceptable by any financial institution in the UK, and as such, those who are found guilty of having made such sales are obliged to provide refunds. Even if insurance policies have been mis-sold through genuine error, companies are responsible for refunding consumers. Checking PPI products is vital to ensure that individuals are not paying for worthless services.

The first step to recovering from a mis-sold payment protection insurance policy is to schedule a free consultation with a specialist a PPI claims firm such as Brunel Franklin who are skilled in the procedures required to make sure you get your money back. Sometimes the road to PPI success may not be as smooth as it should be as some lenders are not as cooperative as others. A specialist firm like Brunel Franklin will deal with all the red tape to make sure that you are refunded in the most efficient fashion.

Sally Bowyer, Managing Director of www.BrunelFranklin.com said: “We see many cases where people have had agreements in place for some years and have simply paid PPI premiums thinking they did not have any other option. Many people are under the impression that they will not get their loan without PPI, but this is not the case.”

Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.