Ever taken out a personal loan or credit card or store card or even Hire Purchase and found that you were not just paying back the money and interest but also Payment Protection Insurance or PPI? If you can’t remember asking for this insurance or are already insured or are self employed then you could have been mis-sold the policy. PPI is not all bad and some may wish to purchase it as it covers you in the event of sickness, accident and loss of earnings but it is imperative that you are aware of what you are buying and read the terms and conditions carefully. PPI will turn up on your statement as “insurance”. Average PPI rates are about 79p for every £100 owed, therefore, on a loan of £2,000 you could be paying £15.90 per month in PPI. This can accumulate quickly!  After reclaiming bank charges this could be the largest consumer issue for getting your money back. Payment Protection Insurance has been mis-sold throughout the UK and Channel Islands for years and if you are able to prove it has been mis-sold to you – guess what? – you can ask for your money back. It is not as straight forward as bank charges as there are many more anomalies that can occur with the selling of this product. If you come under the following headings then in all probability you can make a claim:

• Are you self-employed, unemployed, redundant or retired?

• Have you had medical problems in the past?

• Has your provider already been fined for mis-selling?

• Were you sold a ‘single premium’ loan policy?

• Were you given full details of the insurance?

   

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