PPI is abbreviated for payment protection insurance. You may have come across this kind of insurance when taking out a loan agreement or credit such as a mortgage, credit cards, loans and store cards. PPI can be claimed should you ever become unemployed or have an accident which causes you to struggle to pay your instalments back. What a lot of lenders and banks haven’t told their customers though is that PPI is not compulsory and in fact in the slim chance you may need to claim on it, it’s not as easy as the banks make out and also can cost you up to 30% of your original loan. This is called mis sold PPI which is causing a great stir in the UK at present. Banks and lenders have lost a huge court case against PPI and must pay it back to their customers. Thousands of people have already made a claim to get their PPI payments back including interest. If you have ever had a loan or credit agreement with PPI, it’s definitely worth making a claim as you could be owed thousands of pounds.
Although cases of PPI mis selling is extremely high not all PPI have been mis sold so take a look when you took out your policy and was to have PPI the best option for you at the time? Was the Payment protection insurance explained properly? Where you told is wasn’t compulsory? Where you instructed of the policy should you have needed to make a claim? If you are thinking “no” to any of these questions you have a case to reclaim your PPI back.
If you do have PPI you can claim back from a loan or credit agreement up to ten years prior to making a claim so don’t worry if you already have paid back all your instalments to the lender, you will still have a case. If you do think you have PPI and you may have been a victim of PPI mis selling take out any statements and it will be stated on those under payment protection, loan protection or similar.
PPI is the largest complained about financial product on the high street and some say the banks and lenders have made a money making scheme by mis selling PPI and now have had to pay billions of pounds back to customers. You could be next to received thousands back so start your investigation today to see if you have PPI.
Author:
Canary Claims
Posted in: Financial Glossary
Tags: Payment Protection Insurance, PPI