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What exactly is PPI?

  • Payment Protection Insurance (PPI) is a type of  insurance policy.  Its purpose is to provide protection to people taking out credit such as a loan.  It is supposed to provide ‘peace of mind’ to those taking out the loan from ever facing financial difficulties should unforeseen events prevent them from making their loan payments (e.g. due to illness or redundancy).
  • The types of loan include personal loans, secured loans, mortgages or car finance agreements.  PPI is also available on retail and credit cards.

  • PPI is widely available from a number of organisations however it is commonly sold by Brokers/Lenders/Banks etc to consumers at the same time that they take out the loan.

So what is the problem with PPI?

  • PPI can be useful and for many people it is a good idea to take out such a policy.  The problem occurs where there has been mis-selling.

  • The Office of Fair Trading, the Competition Commission and the Citizens Advice Bureau have all published reports that have been critical of the way in which Banks, Lenders and others have sold PPI.

  • This means that if you have taken out a loan which had PPI included there is a good chance you could get all of your money back.
It's quick easy and simple to find out if you have a claim

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