What Is PPI?

PPI (payment protection insurance) is an insurance policy that banks and lenders attached to loans, credit cards and mortgage. The idea of PPI was to cover the monthly repayments on your loan if you were to ever become unable to do so yourself. For example, a lot of self-employed borrowers were encouraged to take out a PPI policy in case their business went under and they were unable to make a payment, however when it came to it and they did try to make a claim, the majority of vendors were rejecting these claims, as PPI ‘didn’t cover that sort of loss’. Which begs the question, if this was the case and a supposedly valid claim was rejected, then why were banks attaching payment protection insurance to these loans?

It’s not just self-employed people that were mis-sold these policies either, people with existing medical conditions, people with sick-pay schemes at work, housewives and retired lenders were all hit with PPI when it wasn’t needed, meaning they were paying for insurance that they couldn’t even claim on.

Not to mention the fact that the majority of the time lenders were tricked into thinking that a PPI policy was necessary, and that they were unable to take out the loan without taking out PPI with it.

How do I know if I’ve been paying PPI?

There’s no one single way to determine whether you’ve been paying PPI or not, of course there’s the most obvious way, which would be looking back through your statements, or perhaps a copy of the loan or card agreement. You could also contact your lender, and ask them to provide information as to whether you have been paying for this policy in previous years. However, as I know a lot of you will have shredded and disposed of these agreements, and I also know that banks can get a bit iffy when it comes to disclosing information like that, do not worry, there is another option.

How do I go about claiming back my PPI?

Visit www.claimresolution.co.uk to get a no-win no-fee, no obligation quote on taking the first step towards claiming back that money you could be owed. Claim Resolution (part of the Claims Advisory Group) currently claim back over £2,000,000 per month in mis-sold PPI on loans, cards and mortgages, so if you have taken out any of these in the last 10 years then start your claim today! As I like to say, ‘nothing ventured, nothing gained’ and with this no-win no-fee service you have nothing to lose either, so find out today if you have a valid claim and take that step to claiming back potentially thousands of pounds.