What is PPI?
PPI is Payment Protection Insurance. It is a product that has been added to loan and credit card agreements over the past two decades. The purpose of the product was to protect the customer in the event that they could not make the repayments of the agreements.
By making monthly payments to the bank or lender, the customer was creating a reserve should they be unable to afford their repayments. If the customer suffered from sudden loss of income or illness, the money in the PPI reserve would serve to cover the repayments.
However, PPI was sold to many who did not request or require the product. In many cases, it was even sold to people without their consent or knowledge. This is referred to as Mis Sold PPI. This has led to millions of people in the UK making additional payments on loan or credit card deals.
Those who have been Mis Sold PPI are now entitled to try and reclaim the money that was unfairly taken from them. Up and down the country, there is a plethora of success stories, culminating in many wronged citizens being awarded tens of thousands or pounds in PPI Compensation.
Over £12bn has so far been reserved by UK banks and lenders for PPI Compensation.
PPI can be included in almost any credit card or loan agreement. Due to its often secretive nature, anybody who has taken out such an agreement in the past 20 years is implored to check the details of their contract. If there is any evidence of PPI in the agreement, then they may be entitled to make a PPI Compensation Claim. Contact one of our friendly claim advisers to start your claim process today.