What is payment protection insurance or PPI? Well you may not know whats the PPI, but it’s a good idea to find out what is in the detail. Chances are that if you have taken out credit in any form-big or small then there is a chance we were mis-sold and could claim your money back.
Payment protection insurance or PPI as today is commonly referred to, is a form of insurance that was sold alongside mortgages, loans (large or small), credit cards and other financial products such as car financing agreements or boat. The idea was that the payment protection insurance was to cover the repayment of funding if you might not do them.
So if you missed payments due to injury or illness, leaving to work, or if you were made redundant and then payment protection insurance was to cover the period when payments could not pay for any of the reasons mentioned above. Unfortunately, this insurance has been mis-sold on a large scale. You could be in line to claim back thousands.
It is estimated that currently there are 20,000,000 PPI policies in the United Kingdom, but with the possibility to request back 6 years this could affect an estimated 80.000 .000 policies.
In addition, it seems more than a chance you were mis-sold you could get your money back in full with interest and even compensation. It is believed that more than 3,000,000 people have been executed by this mis-selling since 2003.