What is payment protection insurance?

What is PPI?
By Richard Allen

What is payment protection insurance or PPI? Well you may not know what PPI is, but it is a very good idea to find out what it is in detail. The chances are that if you took out any form of credit – big or small then there is a very fair chance you were mis-sold it, and could claim your money back.

Payment protection insurance, or PPI as it is now commonly referred to, is a form of insurance that was sold alongside mortgages, loans (big or small ones), credit cards, and other finance products such as boat or car finance agreements. The idea was that the payment protection insurance was supposed to cover your finance repayments if you could not make them.

So if you missed payments because of an accident or illness leaving you unable to work, or if you were made redundant then the payment protection insurance was supposed to cover the payments the period when you could not pay for one of the above reasons. Unfortunately, this insurance has been mis-sold on a wide scale. You could be inline to claim thousands back.

It is estimated that currently 20,000,000 PPI policies exist in the United Kingdom, however with the ability to claim back 6 years this could affect an estimated 80,000,000 policies.

What’s more, there seems more than a fair chance that you were mis-sold it, and could reclaim your money back in full along with interest and even compensation. It is believed that as many as 3,000,000 people may have been effected by this mis-selling since 2003.

So do not delay as compensation claims are time limited, so to see if you can claim today, take the 60 second test and find out if you are eligible for PPI Compensation Claims for PPI Compensation can be paid out in as little as 3 weeks. So visit the site and take action today.

Article Source: http://EzineArticles.com/?expert=Richard_Allen

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