There is a plethora of assistance available for people that take out a loan or a credit card and a payment protection insurance is one of them.

Most of the mis sold payment protection insurance policies are sold by credit card companies and bank employees that are getting paid a hefty commission for making you take out the protection insurance. A lot of companies that sell the payment protection insurance are actually making a lot more money from the insurance then that they are making of the loan or credit itself. To get your PPI claim started, give our team a call now on 0800 840 7292 or if you prefer, fill out the quick and easy form and we’ll get back to you with a compensation quote.

There are multiple variations of the protection that you can buy as there literally is a clause for everyone. Whether you want coverage against sickness or if you want to be covered in case of unemployment, this is all possible. Some people will not even know they have a mis sold PPI policy as this is sometimes added by the loan company in a very slick way. They could for instance tell you that you should not worry, because your loan is “covered” which in itself could be a publicity stunt, but in this case it truly means that you have just bought a payment protection insurance.

It is vital that before you sign anything or agree to anything you read the terms and conditions first. There is a good reason the insurance is sold right at the same time as they credit/loan is given out. You feel good about getting the loan/credit and would say yes to a 3 scoop strawberry ice cream even though you know its bad for you. The companies use this against you and 75% of all mis sold payment protection insurance policies come from this simple moment in time, that has been perfectly “used” by the credit/loan companies.

There are multiple ways you eligable for PPI claims and refunds, for example: you can be asked for a lump sum payment up front. This is a very expensive variant as the amount of the policy will, in most cases, be added to your loan amount and you will pay the high APR from your loan or credit on this policy as well. Another option is to have the payment protection be done monthly in which case you add it to your monthly payment.

Some customers are even “bullied” into these mis sold payment protection insurance policies by a simple quick statement from the seller that “it is mandatory” or “it gives you more chance of getting the loan”. This is simply said not true and you, as the customer, should never agree to anything you do not need or want extra. If the payment protection insurance is something useful to you, and there is a good chance it will be, then make sure you get one tailored to your needs. This is not hard for the seller as the policies can be individually tailored. If you get what you need and ask for payment protection insurance is a good way of making sure that for 12 months all your payments covered will be met. If you’re ready to reclaim PPI payments that you’ve paid unfairly, you can call our specialist team on 0800 031 6078 to get your claim started.