What Does PPI Stand For?
PPI stands, Payment Protection Insurance Policies (PPI). PPI was sold to cover loan, credit card or mortgage repayments in case of an accident, sickness or unemployment.
If you have a mortgage, loan or credit card then there is a good chance you were also sold a Payment Protection Insurance policy. In many cases, lenders mis-sold these PPI policies and this entitles you to reclaim the PPI cost plus interest. If you have been mis-sold PPI we may be able to reclaim £1,000s on your behalf.
Payment Protection Insurance (PPI) can also be known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover, Mortgage Payment Protection Insurance, Personal Loan Protection or Credit Card Repayment Protection. We can check any credit card, loan or mortgages for you to see if these types of cover were added as in some cases you may not even know you had taken on a form of Payment Protection Insurance.
There is nothing wrong with PPI policies for those who need it and assuming it has been sold correctly. However, it has been proven that Payment Protection Insurance 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 claim PPI charges that you have paid.
A good PPI sales process should fully inform you of the costs, 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 much more.
In practice, these policies were often sold without much investigation in order to boost company’s profit margins and commission for the advisers which is why many people are now entitled to a PPI reclaim.