Payment protection Insurance or PPI as it is commonly known is an insurance policy that is sold along side a loan, mortgage or credit card to protect the lender in the event that the borrower becomes sick or is unable to meet the repayments of the loan for the period of twelve months. In theory this type of policy seems extremely enticing however the reality of the situation is less than convincing.

These policies charge exuberant fees and often don’t provide the cover when needed due to clauses and exclusions in the fine print of the documents. If you have a loan or credit card the chances are you would have been offered PPI or told that you could not secure the credit without it. In some cases you may even been given the policy without even knowing about it. Its this type of mis selling that has recently forced the Financial Services Authority to fine a number of high street banks and lenders.

The mis selling of PPI is attributed to the lucrative income stream it provides for lenders and banks. There are approximately 20 million PPI in the UK generating in or around £5 billion per annum for the companies involved.

If you have or have had over the last 6 years any of the following types of loans or credit cards you may be entitled to £1000s back in compensation

Home Loans, Car Loans, Hire Purchase, Secured Loans, Unsecured Loans, Credit Cards, Store Cards How do I know if I can reclaim my money for being mis sold PPI?

If you can answer yes to any of the following you can potentially make a claim
  • You were told PPI was compulsory and required for all types of loans or credit
  • You were not in full time employment or were retired when you took out the policy
  • You discovered PPI without even knowing you had it
  • You were not furnished with the full details of the policy
  • You were not advised of your right to shop around for more competitive PPI rates
  • The full costs of the PPI was not explained and broken down to you
If you feel you were mis sold PPI then you may have a case to make a claim and reclaim thousands of pounds worth of charges which are rightfully yours.

To find out more about this and our No win, No fee claims process please click here.