WHAT IS PAYMENT PROTECTION INSURANCE (PPI)?

PPI is an Insurance that covers repayments on loans, mortgages and credit cards if the policy holder falls into financial strife because of accident, sickness or unemployment. It tends to pay out for up to 12 months.

WHO SELLS IT?

Banks, loan companies and credit card providers. You may also be offered it by retailers when signing up to a store card.

It has become a very lucrative market, estimated to be worth £5.5bn.

WHAT IS THE PROBLEM WITH PPI?

Consumers have been sold PPI without having the policies properly explained or even being made aware that it is an optional extra.

In some cases it has been sold to people who wouldn't actually be eligible to make a claim.

WERE YOU MIS-SOLD PAYMENT PROTECTION INSURANCE (PPI)?

If you have taken out a mortgage, loan, hire purchase credit of store card within the last 10 years, you may have had Payment Protection Insurance (PPI) included as part of the agreement.

If so you could be owed thousands. Even if you have paid off your loan, store card or credit card you are still entitled to claim. With the average Payment Protection Insurance (PPI) Claim at £3000, it is worth checking those statements or speaking with one of our specialist agents today.