When taking into consideration how likely it is that you will successfully gain back compensation for your miss sold payment protection insurance policy, there are a number of things that need careful consideration when trying to determine how likely it is that you receive compensation.
Look through your paperwork, as the actual documentation that details your finance policies & the terms of the loan/credit card/mortgage will (usually) hold the key to whether or not you have payment protection insurance included in your terms, there will be a monthly bill displayed in normal cases as an itemized transaction that has been billed to yourself on a regular basis.
If you have payment protection insurance, you should actually be able to check this up with your finance provider that you have the agreement held with, they should provide full details of your agreement, proof of the debt, along with the terms and monthly repayments contained within your agreement.
Once you have determined whether or not you have had ppi on an existing policy, you then have to consider the claims process in its entirety, some financial institutions are much more likely to pay out than other ones, more or less due to the fact that they feel they can get away with deferring the claim, also, media spotlight can (rather surprisingly) play it’s part in the likelihood of a successful payout because some companies are held “bang to rights” by the British media, due to the fact that many of these companies have been found to be delaying & rejecting claims, which of course is bad publicity for a bank or other very large financial corporation.
The claims’ term itself can take up to around 5 months, but much of this is due to the fact that many of these corporations do not have the sheer resource to allocate large amounts of staff to taking care of the high amount of claims pouring through.
Another factor in the probability of payout is the actions of the financial ombudsman once engaged, because they will force the banks and other corporations to pay up if there is a valid complaint, however this in itself can take time, recently the financial ombudsman hired an additional 1000 staff in order to cope with the increasing demand, (detailed here http://ppiclaims4you.co.uk/speed-of-ppi-claims-processing-increasing-due-to-financial-ombudsman-employing-1000-people/ )
More information is available for you if you wish to claim compensation on a miss sold ppi agreement, here is the site’s homepage http://ppiclaims4you.co.uk for more information.