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PPI: What is it?

Anderson September 24, 2015 0
PPI: What is it?

We’ve seen the adverts, received the texts and phone calls about Payment Protection Insurance…but what is it?

PPI was originally designed to protect the borrower should they fall ill or lose their jobs. Ideal in principle, but the product had been sounded out constantly by consumer groups, who claimed that the cost far outweighed the benefits, and this was before PPI even became newsworthy.

The banks and lenders have set aside billions to pay back customers who took out loans, mortgages or credit cards and were mis-sold the product.

In many cases the customer, was not aware they were paying for a policy, were deceived into buying one by aggressive sales techniques or in some cases, were sold policies that they were completely ineligible for.

So, if you’ve taken out a loan, mortgage or credit card, sometime in the last few decades, then the chances are you are owed a refund.

There are two ways to claim:

Either go it alone and apply directly to the bank.

Or Contact a PPI claims company, who will apply for your loan directly, for a percentage.

If you’re unhappy with the results of either of these processes, then you can contact the Financial Ombudsman Service, who will investigate your claim and decide whether you should continue with your claim.

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