The Fixer logoHave you been left out of pocket due to poor service or sharp practice? Do you have a money problem that won't go away?

It can seem impossible to get a fair result when you are battling a large, faceless organisation alone. But never fear! The AOL Money Fixer is here to help.


This week, she offers advice for a reader looking for compensation after being mis-sold Payment Protection Insurance (PPI).

Dear Fixer,
A few years ago, I took out a loan as a joint agreement with my then partner. And like many people, I only read the fine print after the cooling off period.

When I did, I found that we had unwittingly signed up for PPI alongside the loan, which was provided by GE Money.

I understand from the various articles that I have read that lenders are now being forced to offer compensation to people who were sold PPI without realising it, but despite several phone calls, GE Money has refused to help me with this.

How can I get the compensation I am owed?

N Matthews, London

Dear Mr Matthews,
Not everyone sold PPI with a loan or credit agreement has a mis-selling claim.

But as you did not even realise you had taken out PPI alongside your GE Money loan until after the cooling off period, there is little doubt that the policy was mis-sold and you are in line for compensation as a result.

You do not specify whether the contact you have had so far with GE Money was by phone or letter, but the best advice for anyone who believes they were mis-sold PPI is to complain to the lender concerned in writing.

You can then take your complaint to the Financial Ombudsman Service (FOS) if you are dissatisfied with the result - as long as you have given the company at least eight weeks to respond.

The huge majority of the complaints received by the FOS relate to PPI, which was mis-sold to millions of unsuspecting loan, credit card and mortgage customers over the last decade.

And the good news is that about three in four result in successful compensation claims, with the typical amount awarded around £3,000 (the average cost of adding PPI to a five-year, £7,500 loan).

You can also call the FOS 0800 0234567 for more details about how to increase your chances of success.

Do not use a claims handling company, though, as this will only result in you receiving a lower amount due to the commission charged - often about 30% of any compensation you receive.

The Fixer

Whatever your financial problem, write to themoneyfixer@aim.com and The AOL Money Fixer will get on the case.