Payment Protection Insurance MisSold

Do you have a mortgage, loan or credit card? If you answered yes, then you may have payment protection insurance (PPI). If you think you don’t have PPI, you may be wrong.

In the UK there are millions of people who have mortgages, loans or credit cards and who have been mis sold payment protection insurance. The problem is so widespread that many of the larger banks have stopped selling PPI policies alongside their loan products.

The reasons for the mis-sellings are varied. The manners in which they were mis-sold are also varied and include selling policies to consumers without their knowledge, coercing consumers to purchase policies and selling policies to consumers who would not be eligible for coverage.

Payment protection insurance was designed to protect a consumer’s credit against illness, accident or loss of employment. The design of the product was not faulty. However, the proper sales processes were not followed.

If you believe that you were mis-sold PPI, you may benefit from contacting a claims management company to assist you in filing PPI claims against your lender. You may be entitled to a full refund of your premiums in addition to 8% interest for every year that the policy was in effect. It is worth your time to look into the possibility.