Common queries relating to PPI

What is PPI?

PPI is Payment Protection Insurance, which is a form of insurance policy intended to cover repayments on a loan you have taken out. It is supposed to do this by offering an insurance payout if you should experience a sudden drop in income which would otherwise leave you unable to continue paying back the lender – meaning that if you should lose your job or become ill, you will not necessary end up defaulting on the loan.

What’s wrong with PPI? What is PPI mis-selling?

There is nothing inherently wrong with PPI – but the way it was mis-sold to millions of customers has meant that there are a large number of borrowers paying for useless and expensive insurance policies. This is because many brokers sold PPI to people when it was not suitable for them due to their circumstances, or when they did not want it or need it.

Check out our section on the grounds for PPI mis-selling for more about what constitutes a mis-sold policy.

Could I have been mis-sold PPI?

If you have any type of loan – including a mortgage or a credit card – from any lending institution, there is a chance you have been mis-sold PPI. PPI mis-selling was so widespread that simply having a loan means you are likely to have a claim.

How can I find out if I have PPI?

Check your original loan documents, or your loan and bank statements, for any unexpected charges. Many people have found that they had PPI added to their loan without being told – you could be one of them. Remember that PPI sometimes goes by other names, such as loan insurance or debt protection.

How much compensation am I owed?

This depends on the amount of your loan, and how much you have ended up paying on your policy. Take a look at our PPI compensation estimates to see how much some cases go for.

How do I make a mis-sold PPI claim?

The easiest and quickest way to make your claim is through a reputable claims management firm such as Claims Financial. Their no win no fee service ensures that you will receive the maximum amount of compensation in the shortest time, without all the hassle. Just fill out the form on this page to get started.