PPI is heard everywhere nowadays whether it be on TV adverts or the radio we cant get away from hearing about mis sold PPI which is understandable as after a huge court case banks and lenders have been forced to repay back PPI in which they have mis sold to their customers. But are you one of these customers who are a victim of mis sold PPI? And how can you find out?
PPI is otherwise known as payment protection insurance. When taking out a loan, mortgage, credit card or any credit agreement banks and lenders encourage you to take out payment protection to cover your repayments should in the unfortunate chance you ever become poorly, unemployed or had an accident causing difficulty in keeping up your payments. What banks and lenders don’t inform you is that taking out payment protection is not compulsory and in the slim chance you are unable to pay back repayments it’s actually extremely hard to make a claim through the PPI. These are both examples of mis sold PPI and if these sound familiar you must seek help to reclaim back what is owed. Other examples of mis sold PPI are if you felt pressured by the lenders and told that you must have payment protection for security or the actual loan will cost you more if you don’t but in fact you could be paying up to 30% of your original loan amount just in PPI. Start a claim and you could get this all back plus interest!
Its all good and well hearing about this mis sold PPI but how do you know whether you have it or have been a victim of PPI mis selling. Get your statements out and take a look, see if you can see anything that states payment protection, loan protection or along those lines. If you’re still unsure give your lender a call that will be able to instruct you whether you have payment protection or not. Once you have done this you will know whether you have been mis sold PPI so now is your chance to act and get back any money owed to you. Whether you are at present repaying a credit agreement off or you have an old loan you can make a claim for mis sold PPI for up to ten years of taking the original policy out. So what are you waiting for? Start your claim today and don’t be a victim of mis sold PPI. You could have thousands of pounds back in your pocket.