Mis-sold PPI (Payment Protection Insurance) is an insurance premium added to your credit card and loan repayments without your knowledge, full understanding, or if you were exempt from receiving the cover. Find out more about this below.
No knowledge of PPI
PPI is optional when you take out your loan. If PPI was added without your knowledge, then you have been mis-sold to and may be eligible to reclaim your payments.
Full understanding of PPI
If you didn’t fully understand what PPI was, the cost implications or you were told that it was compulsory or would help your application, then this is misselling.
PPI exemption clauses
If you took out the loan when you were retired, unemployed or a student then you may have been have been mis-sold to. There are also exemption clauses for employers that offer full sick pay (such as civil servants) and for pre-existing medical conditions.
Adding PPI to your loan or credit card repayments can significantly increase the premiums, and Canary Claims has helped many people claim this money back.