Have you taken out a loan or credit card from a bank or building society?
Are you one of the 2 million people who have been sold insurance they don’t need and can’t use?
You may have been recommended to take out something called Payment Protection Insurance (PPI). It helps borrowers to meet the repayments of a loan if they are unable to keep up repayments due to accident, sickness or unemployment.
This works in theory, but in practice many people have had their claims turned down due to policy clauses and exclusions. The Office of Fair Trading estimates that there are around 20 million policies currently in force, with as many as 7.5 million further policies being sold every year. The profit the industry makes each year from the sale of PPI policies is estimated to be £5 billion.
The Financial Services Authority (FSA) have fined a number of high street banks and building societies for mis-selling PPI which means you may now claim back the payments you have made.
In the following video, an expert from Belmont Thornton explains who is eligible to apply for money back.