What is Payment Protection Insurance or PPI?

Payment Protection insurance is a policy which is meant to cover your monthly loan or credit card payments (or a percentage of them) if you become unemployed due to an accident, sickness or because you have been made redundant usually for a period of 12 months .It is also known as PPI, loan protection insurance or Accident, Sickness and Unemployment cover (ASU).There are clear rules that finance firms and advisers have to follow when selling payment protection insurance (PPI) policies – despite this our research shows that millions have policies have been mis-sold and many High Street names have been fined for mis-selling PPI. You could be owed thousands. Start your claim today, you have nothing to lose.

Am I paying for Payment Protection

Many people are unaware that this insurance has been added to their loan or credit card.

Check your loan agreement and credit card statements.

For loans the premium may be shown on your loan agreement as a lump sum added to your loan.

For credit cards check your statements to see if charges for insurance are added to your account every month.

Was I mis-sold PPI?

Any of these apply to you?:

• You didn’t ask for it, but it was added anyway?
  
  
• You were told the insurance was compulsory or that taking it would give you a better chance of getting the loan
  
  
• You didn’t know it was optional or that you could buy cheaper cover elsewhere
  
  
• You were unemployed, retired, self-employed when you took out the cover
  
  
• The policy exclusions were not pointed out to you