Switch the television on nowadays and, during the commercial break, you will almost certainly be asked the following question – were you mis-sold Payment Protection Insurance?

There are plenty of financial organisations out there who are confident that they can discover whether you were a casualty of either over-zealous marketing or possibly a victim of deceitful tactics in extricating your money. Whatever their intention, we are all being convinced there is something sinister going on. Now is the time for all of us to submit our PPI claims.

Payment Protection Insurance (PPI) was introduced to offer those customers taking out products such as loans and credit cards with assistance should they find themselves unable to repay their debts because of illness or redundancy. The big issue at present is that many of these insurance policies would not be of any use were you to subsequently fall into difficulties with your repayments.

To say PPI was a common financial product offered to customers is an understatement. It is estimated that around twenty million policies were sold by bankers in the past. Since the onset of a wave of PPI claims being submitted by customers, over £122m has been successfully claimed back.

The idea of making a claim initially seemed daunting to the average person in the street. That is why there are many organisations, known as ‘claims management companies’ or CMCs, who will do all the detective work for you and submit the claim on your behalf. However, what you will need to do first is to supply some information to the CMC so that they can ascertain whether you have a good chance of receiving your money (plus interest) back.

Be aware that the company you choose to handle your Mis sold PPI claim may charge you a percentage of any money refunded to you. Finally, be suspicious of any company that asks for an ‘up-front’ fee before they proceed with your claim.