What is Payment Protection Insurance?
If you have a mortgage, a loan or a credit card then you may also have a Payment Protection Insurance policy (a PPI policy.) Also known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover (Life & ASU), Mortgage Payment Protection Insurance (MPPI), Personal Loan Protection (PLP) or Credit Card Repayment Protection (CCRP), these policies are often sold alongside your credit card, loan or mortgage. These policies are intended to pay the customer's credit card or loan should the customer become unemployed or ill and become unable to pay the monthly amounts themselves.
Many lenders sold these policies without informing the clients that they were optional, without fully assessing the client's employment status or medical history and in many cases, this has led to the client being sold a policy they could never claim against.
The FSA has established that PPI has been frequently and widely mis-sold. If this applies to you, then you may be able to make a claim to get back the proportion of your monthly loan or credit-card payments that represented the PPI payments, plus interest.
Contact us now to see if you can claim.
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