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What is a mis sold PPI?


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Did you know that if you have taken out a loan in the past, your lender may well have added on payment protection insurance (PPI) to your loan, credit card or mortgage. This insurance is added on so that you are protected if you cannot make your monthly loan repayments. This usually covers you for circumstances such as being too ill to work and therefore missing payments. Whilst this is a good idea it is not something that suits many of us but it is something that lots of us have.

It became the trend for banks and lenders to add this PPI onto loans without even asking the customer if it was something that they wanted. This wouldn't seem so bad except it is something that you have to pay for monthly for the whole time that you have the loan outstanding with your lender. This means you could end up paying back much more than necessary when it comes to your loan repayments.

A mis sold PPI is a PPI that you signed up to without your knowledge. Lots of the times this insurance was just added into the small print and was not something even mentioned when it came to signing up.

If you are someone that is in this circumstance and you have a loan in which you were mis sold PPI then you could be in a position to claim it back. It may seem trivial but if you add up the amount that you paid back for this insurance that you never asked for it is easy to see that it can add up quickly.

It is probably a wise idea to contact an expert PPI claim company. These can help you look at your mis sold PPI and go through your claim with you. They'll usually help with this such as paper work and even the forms that you need to send off to your bank in order to get the information needed to make a claim. This money is rightfully yours so if you do feel that you have a mis sold PPI then you should really look at claiming back the money as soon as possible.


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