PPI stands for Payment Protection Insurance. Many people were sold this insurance when they took out loans or mortgages over the past 10 years. Some people needed this insurance and would have benefited from having it should they have lost their source of income. PPI policies are designed to make sure that loan repayments continue should the person who take out a loan of lose their job.
However, unfortunately many PPI policies were sold to people who did not need them or could never benefit from them. In addition, some people who could have benefited from these policies, but did not really want to buy them were pressurised into doing so.
Have You Been Mis-sold PPI?
You were mis-sold PPI if you were told that unless you took out the policy your loan would not be approved. Even if the salesperson only inferred that this was the case you have been mis-sold this product.
If you were a pensioner or somebody that did not have a source of income that could dry up, you should never have been sold a PPI policy. In addition, if the loan was in joint names and one of the people on the policy did not work they also should not have been sold this form of insurance.
If your lender did not explain the true costs of PPI to you, they also led you astray. Existing medical conditions were often not included in PPI cover, so if you were not asked about existing medical conditions you were mis-sold that policy.
Getting Help Making a PPI Claim
In all of these situations and several other circumstances, you can make a PPI claim. The company that sold you the policy has to refund all of your PPI payments. However, making these claims is difficult, so the best way to do it is to use a specialist firm to help you with your claim. They know how the system works and have a much higher chance of getting you your money back than you would if you try to make a claim on your own.
Gladstone Brookes specialise in helping people to make PPI claims. They have a success rate of over 90%, much higher than most other companies do.