Payment Protection Insurance

You may have heard about mis-sold payment protection insurance (PPI), but you’re not really sure what is. Read our comprehensive guide to what is PPI and if it’s possible for you to make PPI claims.

What is PPI?

Payment protection insurance, also known as PPI, was sold to cover loan, credit card or mortgage repayments in case of an accident, sickness or unemployment.

There is nothing wrong with PPI policies for those who need it and assuming it has been sold correctly. However, PPI has been systematically mis-sold to millions of people. If you have taken out a loan, credit card or mortgage in the last few years, then you may be entitled to make a PPI claim.

A good PPI sales process should fully inform you of the following:

  • The costs of PPI
  • Advise you that the policy was optional
  • Give you full details and policy documents
  • Ask about any pre-existing medical conditions you may have had
  • Ask about your employment status and other key details.


In practice, these policies were often sold without the above questions and information. The sales of PPI were made to boost a company’s profit margins and commission for the advisers.

So, now you understand what PPI is, you may be able to make a claim and receive thousands of pounds for your mis-sold PPI. The average PPI payout is approximately £2000, but many more customers have received a much larger figure.

What is a PPI Claim?

If you have a mortgage, loan or credit card, then there is a good chance you were also sold a PPI policy. As such, you are able to make a PPI claim from the bank.

To reclaim PPI, it’s important to establish whether you were originally mis-sold the insurance. You can check the above list to see if any of this was missed out while you bought PPI. Many customers were not asked about employment or medical history. In some cases, people were unaware that they had taken on any form of payment protection insurance at all. The insurance sometimes had a different name, such as accident, sickness and unemployment cover (ASU), mortgage payment protection insurance, personal loan protection or credit card Repayment protection.

Whatever the case, Canary Claims can help you reclaim PPI. We will find out on your behalf whether you have had any PPI in the past, then we will start a PPI claim for you. You do not need any documents.

It’s important to start your claim as soon as possible, as the Financial Conduct Authority (FCA) has set a deadline for all PPI claims. You must make a PPI claim before 29th August 2019 in order to receive your money. A claim can take up to six months, so the sooner you start, the sooner you can receive your money.

If you have any more questions about what a PPI claim is, we’re happy to answer all of your questions and help you with your PPI claims.