What Is PPI And How Was It Mis-Sold?

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Are you uncertain you know what PPI actually is and whether or not you have been mis-sold it? Well, here at Moneyback PPI, we are here to enlighten you as to what the term means and how you can find out if you have been mis-sold it or not.

The term PPI, standing for payment protection insurance, has been thrown around a lot recently due to the sheer volume of claims being made. If you bought a mortgage, a credit card or took out a loan between 1990 and 2010, then it is likely that you bought into PPI when it was offered to you alongside your original purchase or, in the minority of cases, you may have bought into it as a separate purchase without being aware.

The purpose of PPI was to protect consumers if they couldn’t meet a repayment due to an unforeseen change in their income. This seemed to be an excellent policy as if you became ill and were unable to work to cover your payments, or you were made redundant for reasons that were out of your hands, you would be able to claim and make the repayment anyway. However, with banks and other lenders not explaining to customers what a PPI policy covered or making sure the customer actually needed the policy some policies were sold to customers without their knowledge or to customers who weren’t eligible for to make a claim, it meant that they now meet the criteria for a PPI policy that was mis-sold.

What Does This Mean Moving Forward?

The date of the claims deadline has been announced, which means that those of you who are owed compensation need to claim your money by the 29th August 2019. With banks already have paid out millions in compensation, the deadline next year will come as a relief. For some people who have claimed their PPI compensation already, the money they have received has made a big difference to their lives, and with the average payback being around £2,000, you need to claim yours before August 2019 creeps up.

Are you unsure as to how to make a PPI claim? If you are uncertain and you want to know how to claim your compensation, we recommend that you use Moneyback PPI, as we will be able to help you through each step. Although having all of your documents regarding the payment protection insurance is ideal, if you have lost it or thrown them away, then Moneyback PPI can still help. Simply inform us of the lender or bank that you bought the loan or mortgage from and we may still be able to help you get the compensation that you truly deserve.
Furthermore, if you choose Moneyback PPI to assist you with making your claim, then you will get help on a ‘no win, no fee’ basis. This means that if you don’t win the compensation, then you won’t have to pay us a penny.

For further information don’t hesitate to contact us at Moneyback PPI, today.