You may have heard people talking about PPI or seen adverts on the television regarding banks and lenders now having to give all their customers a PPI refund. So what is PPI and how could you claim for a PPI refund?
PPI is otherwise known as payment protection insurance. This type of insurance is offered to you should you ever have taken a loan or other credit agreement such as a mortgage, credit cards and even smaller credit policies such as store cards. If you choose to take PPI, the insurance would cover your repayments should you ever become out of work or have difficulty due to illness. But what the banks and lenders haven’t been informing their customers is that in fact when you ever did come to make a claim on your PPI policy that it is extremely difficult to do so. With this along with other factors, the lenders have now lost a case against payment protection misselling and this is why all customers can now make claim for PPI refund.
The other factors of mis-sold PPI are that the banks and lenders have been known to come across pushy towards their customers when trying to sell the insurance and even made out that it was compulsory to have protection against a loan or credit agreement. It has also been found that some customers didn’t even know they have PPI and found it has automatically been added to the loan policy which would mean they were paying up to 30% extra just in protection they will probably never need.
Many People have already made a start to reclaim their PPI back and some people have already received up to thousands of pounds through a PPI refund already so if you think you are or may have been over the last ten years a victim of mis-sold payment protection insurance, then do not delay, start your case for a PPI refund today. If you are not sure whether you have PPI or not then you can always find out through your specific lenders or take a look on a statement where it will clearly state “loan protection” or “payment insurance” then you have proof you have been mis-sold the insurance paying out your good money to something that you were not explained to properly nor want and need or more than likely never use.