Thousands upon thousands of people have only just recently discovered that they have been mis sold PPI and because of this they have been able to claim back the money that has been paid into the scheme. However, what is a PPI and how can you be mis-sold one?
First off, a payment protection insurance is taken out in regards to a loan or credit that you have so this can mean a credit card from your bank or a mortgage from a lender however the insurance comes into play when you are unable to pay for your repayments because you have either lost your job due to being made redundant or you have had to leave work because you have become ill or something along these lines. The trouble started when many people discovered that they actually had a PPI agreement without consenting to it first or if they did consent then they did not have all the facts and were not told of what a PPI was and how they were eligible for one. Indeed, there are still a great number of people who have a PPI in their contract but who do not even know about it and they could be in line for a big claim as well.
To get a PPI then you need to be in full time employment however a lot of people were actually students or even retired when they were sold a PPI and therefore they had been paying this insurance for a number of years before they even realised that they were not even eligible for one. Contact an expert to see if you can actually claim for being mis-sold one of these policies and you may even get a surprise at the amount of money you have paid over the years and the amount of money you are owed.