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Can I reclaim my payment protection premiums and bank charges?

The last two or three years has seen a major push from consumer groups with regards to excessive bank charges and payment protection schemes which in many situations have proved worthless. The regulators have also been fairly aggressive in their pursuit of those miss-selling payment protection schemes as well as banks charging excessive bank charges.  The end result is that some customers have received compensation and others are awaiting the outcome of ongoing court cases between the office of fair trading and the banking industry.

While there have been a number of legal challenges from the banks regarding the validity of the challenge from the office of fair trading these have been rejected by the courts and we are awaiting the final verdict which could potentially open the floodgates for compensation payments across the UK. It would appear that many financial institutions have already "thrown in the towel" behind closed doors, readying themselves for substantial compensation claims but how exactly do you go about reclaiming historic charges and payment protection premiums?

There are various websites and various companies around the country who will take on your case but you need to be careful about who you are dealing with and the terms of their services. The best port of call initially would be your financial advisor who can point you in the right direction to what in many cases could be substantial compensation payments totalling thousands of pounds.