What is PPI?
PPI means “payment protection insurance.” It is a type of insurance that is sold to consumers that hold credit cards or have loans. The aim of the insurance to provide payment coverage in case the borrower is unable to pay a credit card or loan bill due to job loss, illness, injury or accident.
Unfortunately, instances of mis-sold PPI have been a prevalent problem across the United Kingdom. Not every PPI policy falls under this category, but many people have fallen victim and lost thousands through the scheme.
Why was I mis-sold PPI?
The biggest issue concerning mis-sold PPI was that salespeople were pressured by employers to sell the insurance to consumers. These salespeople posed as advisers and sold the insurance under false pretenses.
People who attempted to file claims under their PPI coverage found that the insurance did not actually cover payments as promised. There were exclusions written in the fine print of the policies that essentially made them completely useless to consumers. This meant that consumers were paying money every month for coverage that did not do what it was intended to do.
What can claim back mis-sold PPI do for me?
Claiming back mis-sold PPI can help you recover money that was spent on the insurance policy. Many people have been successfully able to recover over £3,000 by claiming back mis-sold PPI. The exact amount that a person can recover is based on the amount that was charged and paid monthly for PPI.
The easiest way to discover how much you are owed is to calculate your expected monthly loan payment based on the loan amount, interest rate, and term. Anything paid for this monthly amount was likely going towards PPI and can be claimed back. For a management advice, we would suggest contacting us for correct and exact advice.