For those of you who do not know what PPI is, it is called the Payment Protection Insurance and it is designed in a way that if in the case of a death, great illness, accident, or redundancy, your payments on your loans or on your credit card bills can be kept up. However the PPI service has been greatly mis-sold to a lot of people, as millions of people do have mortgages, loans of some kind, and have to repay credit. So that is also a good way of finding out if you were sold any Payment Protection Insurance incorrectly, for which you continue to pay but will gain nothing from it. You should ideally go back and check up on all the loans and mortgages you have taken out and see if you are eligible to reclaim some payments that were wrongly taken from you because the payment protection insurance service was mis-sold to you as its policies do not apply to you.
The policies of the payment protection insurance service are usually sold to you at the time of you getting your loan or your credit card, and can even be sold to you when you are apply for a car financing deal or when you are applying for a mortgage. These insurance policies are supposed to help you keep paying your loans if something were to happen to you; however the PPI claim didn’t always come through for a lot of people. This is because the policies for who the payment protection insurance applies to did not cover all the people that the policy had been sold to. This meant that millions of people ended up paying insurance money for no reason whatsoever as they could not get the claims on the insurance if anything did happen to them.