PPI has been a huge story over the news recently, how the banks and lenders have lost a massive court case regarding mis selling PPI to their customers and now have to pay monies owed back plus interest. If you are or have ever been the owner of a credit card or had a loan, mortgage or store card and not heard the PPI news then it’s important for you to find out more about PPI and how it could be beneficial to you.
What is PPI?
PPI is an abbreviation of payment protection insurance and if you have ever had a credit agreement like a loan, mortgage or credit card etc then the insurance is offered/sold to you to protect your payments if you ever became unwell, unemployed or have an accident causing you difficulty in making repayments. But as it states in the PPI news, this is why banks and lenders have lost a case as a huge percentage of us have never actually needed to use the protection and it hasn’t been explained properly to customers in the first place but instead the PPI has been mis sold through pressurising customers into taking out the insurance, not ensuring customers understand the difficult process should they have ever needed to make a claim on their insurance and even some customers have not been given a choice but instead the payment protection has automatically been added to the credit policy. All these are examples of mis sold PPI and if you have ever been a victim then now is the time to claim all your payment protection back as the PPI news tells us.
You may have already made all your repayments back to your bank or original lender or you may have a current loan and still making repayments. Either way, you can still open a case against mis sold PPI especially if you have paid off any loan agreement over the last ten years. Some interesting PPI news for you is that it is actually quite easy to start the process of claiming back your payment protection where all you need is a current or an old statement which tells you whether you have PPI on it. It should clearly state protection insurance on the statement. If you are still unsure then you can call your credit lenders who will tell you. This is the first simple initial step you need to take, then after this very little input form yourself is needed at all.
The PPI news is that billions of pounds has already been returned to victims of mis sold PPI and now you could be the next.