Payment Protection Insurance is designed to protect consumer’s abilities to repay their debts in the event of something unforeseen. However in recent times, it has been brought to light that banks and lenders are exploiting the product through tenuous loopholes. It has been sold to people who are unaware, cant afford it or want it but don’t know they are ineligible. Most banks cunningly tag on PPI to any loan or credit and bank are pressured with bonus incentives to sell as much as possible.

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If you are one of the millions of people who have ever taken out a mortgage, loan or credit, it will be likely that you have been paying for payment protection insurance, added on by your lender. PPI ideally covers your ability to repay your debt should you find yourself in difficult circumstances such as becoming unemployed or getting injured, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold. If you have paid for PPI, whether you tried to use it or not, you may be entitled to claim this money back. What you may not be aware of is why you could be eligible to claim and why the banks could face a huge wave of payouts

If, in the last decade you have bought a personal loan, credit or any other form of financial product it is almost certain that, unless you confirmed otherwise, you were sold some form of payment protection insurance from your lender. The idea of PPI is to act as a back up if you lose your ability to repay your debt by finding yourself in difficult circumstances such as injured or unemployed. But lenders have found a series of loopholes and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold.

If you have taken out a financial product in the last ten years such as a mortgage, personal loan or credit it is almost certain that you were sold payment protection insurance from your lender. PPI ideally covers your ability to repay your debt should you find yourself in difficult circumstances such as injured or unemployed, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold.

If you have taken out a loan, mortgage or credit in the last ten years you will have probably been wrongfully sold PPI. You may not even be aware that you are eligible to claim back your money and the seriousness of what the banks have done.

It has recently emerged that banks and insurance companies could be liable to pay over 4bn to customers who were fooled into paying for Payment Protection Insurance on a loan, mortgage or credit. A previous estimate of up to 1.2bn only covered customers who will attempt to reclaim the payments they have made but this new figure takes into consideration the extra amount of customers who the banks will be forced to give refunds to.

Payment Protection Insurance is supposed to help consumers feel secure that if something unplanned happens they are covered for repaying their debts, but more and more people are feeling like it is one big con. It has been sold to people who are unaware, borrowers who cant afford it and even people who want it but don’t know they are ineligible.

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