PPI stands for payment protection insurance and is usually offered to you when taking on a loan, credit card, mortgage or any credit agreement as such. The PPI should protect your repayments should you ever have an accident meaning you can’t work or become unemployed. Although we like the sound of insurance and many of us like to have it especially where money maybe concerned, PPI is not nor has not actually been worth taking out on top of your credit policy as you will more than likely never have used the protection and if you have you would have found out that it is indeed extremely hard to do so.
But there is now good news about PPI if you have it that because of never needing to use it the courts have taken banks and lenders who have been accused of mis selling such payment protection and they now have lost the case and have to pay their customers back plus interest. This is good news because in fact you could have been paying up to 30% of your borrowed credit amount just in PPI. This is a vast sum of money to spend on something you do not actually need.
There are many examples of mis sold PPI and you can still make a claim against it should you have ever felt pushed into having protection although you thought you really didn’t need it. You may have thought PPI was a compulsory thing you had to have when taking on a loan as such but you may have felt that this wasn’t discussed with you in detail including all the complications it involves should you have ever needed to claim.
So if you have found that you do have PPI, whether it be on a current credit agreement which you are still paying off or one you have had over the last ten years and is now paid in full, you still have a case to reclaim your PPI and if you think you have been a victim of mis sold PPI, now is the time to do something about it like thousands of other people already have and receive thousands of pounds back. Just think what you could do with that returned money which you thought you would never see again.