If you have taken out a loan or credit card in the past six years, you may be able to reclaim thousands of pounds from the banks that have mis-sold Payment Protection Insurance (PPI) with these products. This is a form of insurance designed to cover your repayments for a year in the event of an accident, sickness or unemployment.
First, check whether you have PPI - look at credit card statements or loan agreements to see if they mention insurance, or a protection of payment plan. Then, see if you have a claim that it was mis-sold - for instance, if you were told that it was compulsory.
You may also be able to claim if significant exclusions were not clearly explained to you (for instance, that you would not be covered for a pre-existing medical condition).
If you believe you were mis-sold insurance, you will need to lodge a complaint with your lender. Avoid using claims management companies that are offering to do this for you.
For a full guide, including template letters, visit Moneysaving Expert.