PPI, Something you may have heard a lot about recently but what is it? PPI stands for payment protection insurance. This may sound familiar to you should you ever have taken on a mortgage, a loan, a credit card or something smaller perhaps such as a store card.
Payment Protection Insurance (PPI)
Payment protection insurance is there to protect all your repayments on such credit agreements you may have taken with a specific bank or lender. So if you were unfortunate to become ill or unemployed causing difficulty in making repayments then that’s where payment protection will help. It does sound secure at the time of taking out a loan policy especially when the banks are pushing the benefits of protection down your neck but in fact its not and now its time to get yourself some PPI compensation.
Banks and lenders who have sold payment protection insurance have now got to pay all their customers back due to losing a huge court case against PPI mis selling and this is how you could make a claim for PPI compensation. Cases of mis sold PPI could be that you were never told about protection in the first instance and have just found that it has automatically been added to your credit policy or maybe you did know about it but felt that you felt you needed it due to the “sales talk” you may have had or you thought it was compulsory to have payment protection.
You may be happy at the fact you have payment protection and feel that it’s the best option for you to keep or you may feel you have been a victim of mis sold PPI and now want to start a PPI compensation claim and if this is the case you could receive up to 30% of your original loan amount plus interest back. Also the good thing about PPI compensation is that you may claim against loans and credit agreements you may have already paid off in full within ten years and against agreement you may still be making repayments towards.
PPI compensation has already made lots of people smile with a lovely cheque through the door for thousands of pounds so what would you do with that kind of money.