PPI (Payment Protection Insurance) policies were designed to cover the cost of loan repayments in the event that you were off sick or became unemployed. They were mainly taken out with loans, mortgages and credit cards.
The major problem with PPI is that most people who were sold the policy didn’t really need the cover and in many cases the policies were sold to people who could never qualify for a claim anyway,eg retired, self-employed, unemployed etc. Also bad backs and stress ” the main two reasons for being off work ” are usually always excluded from the contract.
Looking for a PPI Refund?
PPI Refunds Made Simple
Had a Loan, Mortgage or Credit Card at all in the Last 6 years?
There’s a strong possibility you are due thousands of pounds’s in compensation because you took out a PPI Policy (Payment Protection Insurance Policy)
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.