Have you ever taken out a credit agreement, such as a loan, credit card or mortgage? If so you have more than likely been mis-sold PPI and you can now claim money which is owed back. PPI is otherwise known as payment protection insurance which can be taken out to cover you should you ever have difficulty in keeping up installments back on the policy. You may become unemployed or have an accident or become poorly and this is what the insurance would cover. What banks and lenders don’t tell you is that it is actually extremely difficult to make a claim when you do need it. This is an example of mis-sold PPI. Other examples of mis-sold PPI maybe that the policy wasn’t explained properly when taking the loan agreement out. Or you may have been told the insurance was compulsory and it would cost you more should you not have payment protection insurance. Some people who have already made a PPI claim say that they did feel pressured in having insurance. All these are examples of PPI mis selling. If any of these instances sound familiar to you when you took out your loan agreement, it’s important to start a complaint to claim your PPI back as you could be paying or have already paid up to 30% of your original loan amount all to payment protection.
So how do you know whether you are a victim of mis-sold PPI? Firstly take a look at your statements. You may have recent statements to a current credit agreement or you may have already paid off your policy so may need to root out old statements as you can make a complaint up to 10 years. On your statements, you will see stated loan protection, credit protection or Payment protection. This is proof that you have PPI on a loan agreement. If you can’t see anything stated, don’t worry too much. You can give the original lender/bank a call and ask whether you have or have had PPI on your loan where they will be able to tell you. Once you know you have had Payment protection, and then you can start to make a complaint of being a victim of mis-sold PPI.