Payment protection insurance – abbreviated to PPI in general – is an area of the financial world that more of us are involved in then we may come to realise, and this is why instances of a PPI refund are becoming more and more frequent by the day. You may not be aware that you have any PPI policies, but if you have an outstanding loan, credit card or mortgage then you most certainly will be paying in to such a policy.

What is PPI? It’s a good question and one that many people fail to ask: PPI is insurance that is there to cover your outstanding loans should you find yourself out of work and unable to earn. The policy details can be quite specific, however, and this is where some of the problems begin. Many such policies cover the payments in the event on involuntary redundancy, others in cases where illness or accident precludes working, and some in both, but the specific details of the policy are necessary if you are to seek a PPI refund and claim back money you should not have paid out. To find out more about getting a PPI refund, simply fill out the 2 minute form or call us on 0800 840 72 91 and speak to a member of our team.

Furthermore, the way in which PPI has been sold to many people came under great scrutiny when it was discovered that great numbers of people were led to believe that a policy offered by a lender – at the time of the granting of the loan – was the one they were required to take out. This has, in fact, never been the case for it has always been the right of the consumer to shop around for the best policy, something that was often not explained to the borrower.

As a result of a major investigation many well known institutions found themselves with hefty fines for repeated mis-selling of PPI policies, and this in turn has led to the rise in PPI refund cases that we read about in the press all the time.

How do you know if you are entitled to make a claim? You need to find all the details of the policies you may have, and to have them looked at by someone with knowledge of the industry. You need to look at loans where you may not have taken out a policy, to see if there is one attached that you were not told about – a common occurrence in prior years. You also need to consider whether you were given the option of alternative policies when taking out a loan.

There are many instances where you will find you are entitled to seek a PPI refund, and it is always advisable to seek the advice of a professional as it can be a complex area of finance to understand. If you’re a victim of PPI mis-selling or you want to find out if you have a PPI refund claim, simply fill out the quick and easy form or give us a call on FreePhone 0800 840 72 91 and speak to one of our friendly advisors.