Payment protection insurance is otherwise known as PPI. This kind of insurance is usually offered to you if you have ever had or looked into having some sort of credit agreement such as a loan, credit or store card or mortgage to protect your repayments.
Why do your repayments need protecting? Well in fact there is a very slim chance they do but should you ever become seriously poorly, unemployed or be involved in an accident then that’s what PPI will be there for. But although sounding the most secure thing to do people do not actually realise that there is little chance you will need it and if you ever did then it has been known to be extremely difficult to do so. With this in mind you will have been paying a lot of money out just in PPI on something you will more than likely never need.
But the good news for you is that you can now claim all your payment protection back plus interest after the banks and lenders have lost a court case regarding mis sold PPI and there are many reasons you can make a claim against mis sold PPI and not just that you have never needed it such as you may never have known you have had PPI and have realised that it has automatically been added to your credit agreement or you may have felt that when the time came to apply for a loan, you didn’t really understand the ins and outs of PPI and you feel that they weren’t explained to you properly. Also you may have felt that you were pressurised or you didn’t realise that PPI was not compulsory.
All of these are examples of mis sold PPI and now you can claim it all back whether you are still making repayments to a current credit loan or you have paid your agreement off in full over the last ten years. You can also claim on more than one credit agreement should you have a few so take a look on all the policies you may have had over the last ten years as you could be due quite a sum of money.