PPI has been offered by lenders and banks to their customers when signing up for a credit agreement to protect your repayments in the unfortunate event of an accident or becoming unemployed causing trouble in paying your monthly repayments. Unfortunately, although payment protection sounds the most secure thing to take where loaning money is concerned, it has been known that in the event of having to make a claim on the PPI, it has been very difficult. Also you more than likely will have never need to use you payment protection during your loan period. With this I mind you are probably one of many victims of mis sold PPI and can now start a case to reclaim all the money you have paid just in insurance.
The banks and lenders have lost a huge court case against mis sold PPI and not only through their customers not actually needing to use it during their loan period, but other factors also for example if you can think back to when you took on your particular credit, can you remember if PPI was explained to you? Did you feel pressurised at all? Were you given a choice in having payment insurance in the first place or have you noticed that you have PPI already on top of your loan amount?
For any of these factors, you have a strong case in claiming your mis sold PPI back whether you are still making repayments to your credit agreement or whether you have paid it off in full over the last ten years. If you’re unsure whether you actually have payment protection or not you can either contact your original lenders who will inform you or take a look on a statement where it will clearly state payment protection. These are the first steps to take to start a case against mis sold PPI, and then you will be on your way to receiving up to thousands of pounds in PPI refund.