Find Out More About The Scandal Of Mis Sold Payment Protection Insurance

If the term ‘Payment Protection Insurance’ sounds familiar to you, then you may have unwittingly been the subject of a scandal that has affected as many as 20 million people in the UK. Payment Protection Insurance, or PPI, is offered by banks as a way of protecting yourself should you be unable to make payments on your loan, mortgage or credit card in the event of the worst occurring – for example, losing your job or getting ill. Sadly, however, it has ended up being mis sold to millions of UK citizens.

In what ways can PPI be mis sold?

One way you may have been mis sold Payment Protection Insurance is if your lender pressured you into taking out PPI, perhaps by telling you that your job or status made it vital, despite it actually being optional. Alternatively, you may have taken out a policy at the same time as being employed part-time, retired or self-employed, despite such a status actually excluding you from payment. You may have even had PPI added to your loan, credit card or mortgage without your knowledge or consent.

The bottom line is that if you have taken out a credit card, loan or other type of finance along with Payment Protection Insurance that you either didn’t want, need or even know about – or, for that matter, wouldn’t even protect you – it has been mis sold to you.

How to make a claim

You can get started with the process of reclaiming your mis sold payment protection insurance simply by searching online with a good search engine such as Google or Bing for the wide range of firms that specialise in handling your reclaim. The Internet probably offers the widest range of such companies, and searching online is also a much more convenient way of finding them than by flicking through the phone book and being reduced to waiting until working hours to get in touch with them.

Banks are presently making £5 billion a year mis selling PPI. Don’t forget to claim back some of this valuable money from the banks that you, as a taxpayer, bailed out to the tune of £50 million during the credit crunch.

By: Gareth Hoyle1

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Wish to claim over mis sold payment protection ? Contact Gladstone Brookes and speak to them to claim over mis sold payment protection.