PPI Claims Information Library

PPI CLAIMS

What is PPI

PPI stands for Payment Protection Insurance and this is usually sold to you when you take any type of loan or credit card. It is designed to cover you in the event that you are unable to meet repayments on the loan in the event that:

• you fall ill
• you have an accident
• you lose your job

When is it Mis-Sold?

In the last few years, growing numbers of people have complained that their PPI policy was mis-sold to them. Here is how it can happen: you are sold a credit card at the bank and when you accept, the representative begins to 'sell' you PPI to protect your card payments. They are trained to sell and could become aggressive – they are trying very hard to sell you a product.

They may not ask you the right questions about your circumstances or may be simply inexperienced, meaning you end up with a policy which doesn't actually cover you properly. For example, you might try to make a claim one day on that policy and find it is effectively worthless.

Over the past few years, massive numbers of consumers have complained that they were mis-sold PPI. This has happened where a person was self-employed or jobless at the time that the policy was sold to them – in this case they may be unable to claim.

What Can I Claim?

By using a specialist claims company, you can claim back the PPI premium (cost of the policy) and you could get write-off premiums too.

What is Required of Me?

A claims company will need some basic information from you – the incident and the details of the PPI policy. You may need to provide the original credit agreement. Once the claims company has worked out if your case is worth pursuing they will begin to take legal action.

Please note that you may be required to continue to make PPI payments for a period of time. Your specialist legal advisor will talk you through every step of the process.