PPI was an insurance policy sold (or forced upon you) when you got a loan, credit or store card, catalogue account, overdraft or car finance.
Anyone who’s ever had a loan, credit or store card, catalogue account, overdraft or car finance needs to urgently check NOW if they were sold the worthless PPI.
PPI stands for ‘Payment Protection Insurance’. It’s designed to cover your loan or credit card repayments for a year in the event of an accident, sickness or, in some cases, unemployment.
In itself, it isn’t a bad product. But it’s been widely mis-sold, leaving many paying thousands for potentially worthless cover – and you could even have it without knowing. Sales team members were hugely incentivised to sell PPI and much of the insurance went on the sales team commissions.
Many were under so much pressure they outright lied. The sellers were often trusted financial institutions, millions were left with mis-sold PPI.
The mis-selling’s scale has meant that many have no idea how much they’re owed – and are often staggered by the sums they get back.
Regulator the Financial Conduct Authority confirmed in August that it is set to introduce a deadline of June 2019 – which it believes will prompt consumers into action. Yes 2019 seems a long way away but the queue will build up, so the earlier you do this, the quicker you’ll get dealt with and get your money back.