What is PPI and how can it be beneficial to you?

Posted on September 21, 2012 by Canary Claims PPI Reclaims

You may have heard about PPI or in the not abbreviated form payment protection insurance. This type of insurance is offered to you if you have ever applied for a credit policy such as a credit card, loan, mortgage and even a store card to give you the security that if you ever came into difficulty in making the credit repayments through accidental, illness or unemployment then the insurance would cover it. At the time of signing up for a credit agreement, PPI would always sound the best and most secure thing to do so most of us have taken the insurance in the past but what we don’t realise at the time of the PPI being sold to us that in fact we will probably never need to use it and with this you have paid a lot of money on something you have never used or will never use.


So PPI sounds great at the time but in fact its not at all necessary and with this you may have heard on the television or through the grape wine that banks and lenders now have to pay all their customers back the PPI they have paid into plus any interest also. They have to do this as they have lost a court case against PPI and how they have mis sold it to their customers not only through the customers not necessarily needing to use payment protection but other examples also such as customers have felt pressurised into taking PPI, they didn’t know PPI was not compulsory and also payment protection has automatically been put onto various customers credit policies without them realising.


One or more of these examples may sound familiar to you and you too may want to claim back your PPI. Well now you can do quite easily. Firstly you will need to prove you actually have protection which can usually be done by checking a statement or contacting you credit bank or lender. You don’t have to make a claim on a current loan either. If you have had any loan agreement paid off over the last years then in most cases you can claim back PPI on those also.


The banks and lenders have already paid back billions of pounds just in PPI to thousands of their customers around the UK. So if you have PPI you could be the next to have a nice cheque through your door of reclaimed PPI.