Thousands of people over the UK are claiming back their PPI costs back after the courts won a huge case in PPI misselling and you could be next to receive a huge amount of cash should you have ever taken out a loan agreement such as a credit card, mortgage or loan. PPI stands for payment protection insurance. This insurance can be taken out on top of such credit agreement to ensure that all repayments are covered for example if you ever have difficulty in making repayments through an accident or becoming out of work then you won’t have to worry about paying the money back. Sounds good, doesn’t it? But in fact, this is where banks and lenders have been found guilty of mis-sold PPI because however good it may sound, it’s actually extremely hard to claim on the protection in the unfortunate event of becoming unwell or unemployed and this is what the lenders do not explain to their customers when taking out the credit. Not only this but the banks and lenders do not instruct us that payment protection is not compulsory nor do they explain what it is carefully and in some cases of mis-sold PPI, people have felt pressured into taking PPI out. If this sounds familiar then you must act now as you could be or have been paying up to 30% of your original loan amount plus interest just in payment protection when its very unlikely that you have either never used it or will never need it and now’s your time to claim it back.
So how do you know whether you may have been mis-sold PPI? The simplest thing to do is to look at a statement. Even if you have repaid your entire loan or credit card, in most cases, you can claim from a loan taken out ten years ago. On your statement, there should be something stating payment protection or loan protection. If you can’t see anything along these lines then give your lender a call who will inform you whether you have taken protection on your policy. If you see you do have PPI but you can’t remember taking it out, being informed about it properly or remember feeling a little pressure that you had to have this particular insurance, then you have a strong case to get it all back including interest.
If you do believe you may be a victim of mis-sold PPI then do not delay and you could be receiving thousands in weeks of starting your claim.