Along with many others in the UK, you may have well taken out a loan agreement in the past such as a mortgage, credit card, loan or store card. If this is the case you like thousands of other people could be or have been a victim of mis-sold PPI.
PPI is an abbreviation for Payment protection insurance and is usually advised to take out alongside a loan agreement to cover your payments should you ever become ill, unemployed or unable to make repayments. The PPI probably sounds appealing when taking out a loan and you may have been confident that in the event of illness etc your loan and finances will be covered but what lenders don’t tell us is actually in the very unlikely event you would need to claim your payment protection, it is actually very difficult to do so. This is an example of mis-sold PPI. There are many other examples of being mis-sold PPI so if you take a look back when you started your loan agreement and think about did you actually really need or want the payment protection, were you told it was optional, did you feel pressured at all that you needed this insurance? And if any of these sounds familiar its time to take action as many of us will be paying up to 30% of our original loan agreement plus interest just on payment protection insurance and with this now being the most complained about financial case on the high street, you can claim your PPI plus interest back so you could be owed thousands of pounds!
If you’re not sure whether you are a victim of mis-sold PPI or whether you even have insurance on a loan agreement, the best thing to do is to look at previous statements. There should be something that states payment protection or loan protection which means you will or have been paying into a payment protection you didn’t even want or need. If your still not sure whether you have PPI then give the original lenders a call who will advise whether you took out insurance on your policy or not. In most cases you can claim back PPI easily for a loan agreement you have taken out or even paid off in the last ten years, so don’t delay, claim back the money you may be owed through mis-sold PPI.