Is all this talk of PPI claims baffling you? Are you wondering what on earth PPI actually is and how you could have been mis-sold such a thing? Well look no further we shall be answering a few of your questions today as we delve into the shifty world of PPI and how so many people are getting thousands of pounds back that they didn’t even realise was taken from them!
If you have spent some time already reading through out site you will hopefully have a pretty clued up idea of what PPI is (Payment Protection Insurance) but incase you have just landed on this page by chance PPI is a service offered by lenders that provides insurance for repayments on a loan of some description and the purpose of it is to cover your repayments if for some reason you cannot meet the payment schedule.
The side of PPI you don’t often hear about is how it has been mis sold to hundreds of people by either a) pressurising the unaware into agreeing to paying extra for it when they don’t really even know what it is and b) selling it to people that are not even eligible to make use of it in the first place. You may think this sounds ridiculous how it could have gone on for so many years without people kicking up fuss, the reason it did was due to banks and lenders simply sweeping it under the carpet and hiding it into other costs after getting the gold ‘sign on the dotted line’ but due to recent findings by under cover teams it has been uncovered and now the big shot banks and lenders are having to shell out hundreds of thousands of pounds to people that have clocked on a realised that they have PPI claims that they could be making and getting back money that they never even knew they were owed!
Which just goes to show it is definitely worth exploring all the routes when it comes to loans and double checking the fine print so you are 100% clear on what you are agreeing to, if you have had the misfortune of being mis sold PPI be sure to check out our other pages and see if you can make a PPI claim.