You will have more than likely heard of PPI recently either over the radio or on the television. Whether you have or not, it could be of some interest to you. PPI stands for payment protection insurance and is sold to you when applying for some sort of credit agreement such as a credit card, loan or mortgage or even something small like a store card as such. This insurance is there to protect your payments should you ever become poorly or unemployed but it has no come about that this payment protection was actually mis sold to the customers of the banks and lenders and PPI is now the most complained about product the ombudsmen has ever seen.
PPI has been mis sold in a number of ways to customers either through pressurising, a non explanation of the product, sold to customers under false pretences and sold to people who would have no chance of being able to claim. The banks are up to 500,000 complaints so far with no sign of slowing down. They honestly didn’t estimate this amount of PPI complaints and have now had to put more money aside to compensate their customers.
The average PPI payout is £2750 so if you have a credit policy or loan, its worth taking a look to see if you are a victim of mis sold PPI. You can make a PPI claim in most cases if you are either still making repayments to a loan agreement or have paid of the agreement in full over the last ten years. It should tell you on a statement whether you have the payment protection of not. If you can’t find it then its worth contacting your loan provider who will inform you if you have it or not.
Making a PPI claim is quite simple to do in which banks are being urged to sort out these complaints as quickly and fairly so people do not have to wait longer for justice. Banks and money lenders do receive day to day complaints but have risen a mighty 59 percent in the first half year, mainly through PPI.