DIY option for loan mis-selling

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IS THERE anyone left in Britain who hasn’t had a text message or cold call promising them a windfall stemming from PPI mis-selling?

Only this week two men responsible for millions of spam texts were told they face a £250,000 fine as part of a crackdown.

But by some estimates almost half the adult population could be eligible after banks spent a decade pushing highly profitable payment protection insurance on loans and other credit.

Some £10bn in compensation is expected to be paid and victims are being urged to apply themselves.

Debbie Ogden, of Donovan Close, Southey Green, approached a claims management company to reclaim £335.93 in PPI she paid on a loan.

Of that, £120.93 had to be paid to the claims firm in fees.

Most companies charge between 25 and 30 per cent, but the advice from the Financial Ombudsman is to do it yourself.

Simply ring the original loan provider to get the ball rolling – many will pay out on the strength of an enquiry.