Have you ever taken on a credit policy? This could be anything as in a mortgage, loan, credit card or store card. If so you will have more than likely come across or heard about PPI. PPI stands for payment protection insurance, this type of insurance was bought out to protect you should you ever incur an accident or become unemployed meaning extreme difficulty in paying off such credit agreement installments. It has now come to people’s attention that this payment protection has actually in fact been mis sold to all customers and now banks and lenders are having to pay back every single penny that their customers have spent on PPI including in many cases the interest occurred. But how and why has it been mis sold?
Have you been Mis sold PPI?
There are many examples of mis sold PPI. The most obvious one being that, we have been sold this insurance when you don’t actually need it. Having an accident or becoming unemployed in the length of time you will be paying back your credit agreement is extremely slim and in the case that you are unfortunate enough to do so, it has been known that it is really difficult to do so and get help with your repayments. Other cases of mis sold PPI have been to not even knowing you had insurance and it has just been put on top of your loan policy. Or perhaps feeling pressured into taking it or not even given a choice. Many people haven’t even known that payment protection wasn’t compulsory.
These are all common factors of mis sold PPI and its important to start a case to reclaim back what is owed to you should you think you to may have been a victim of mis sold PPI. If you are unsure whether you have it or not then take a look at a current statement or even a previous statement as you can make a claim against mis sold PPI up to ten years previous whether you have made all your repayments in full or still paying instalments to clear the credit off. On your statements you will see it clearly states protection insurance or something along these lines. If you still can’t see it then you can give your specific lender a call who should inform you whether you have the protection or not. If you have its more than likely that you have been a victim of mis sold PPI.