What is PPI and how can you reclaim it?

Posted on November 20, 2012 by Canary Claims Mis sold PPI

PPI is otherwise known as payment protection insurance and has been mis-sold to customers who have applied for a credit card, mortgage or loan agreement to protect their payments should they ever become unemployed, be involved in an accident or become too poorly to work and make repayments to their credit policy. Although this sounds like the most secure thing to do, it has in fact been mis-sold to many customers who will never need nor be able to make a claim on it. The banks and lenders worked on a commission basis so the more PPI policies they sold, the better for them.

Mis-sold PPI

PPI has been mis-sold through a number of ways, for example, customers have felt pushed into taking on payment protection insurance without knowing the ins and outs of what’s involved. Others have felt they didn’t have a choice and others have found that they have had PPI put on to their loan agreement without their consent. Certain people would never be able to make a claim if they needed too such as the unemployed, self-employed and over-aged and even these have been wrongly sold PPI.

But however wrong this all sounds, there is some good news. Yes, you can now reclaim your PPI! You can do this due to the banks and lenders losing a huge court case against mis-sold PPI and now have to compensate all their customers however they have been mis-sold their payment protection in the past ten years. You can reclaim your PPI if you are still making repayments to your credit policy or have paid it off in full and if you have more than one loan agreement, that doesn’t matter as you can still reclaim your PPI.

According to the financial ombudsmen, payment protection insurance is now the most complained about financial product which has already reached 500,000 complaints. These complaints are not slowing down after more customers are realising they too have been mis-sold payment protection, so if you think you may be a victim, now is the time to reclaim your PPI.