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Claim payment protection insurance
If you have taken out any kind of personal loan or have a mortgage or credit card you may have been buying payment protection insurance (PPI) without you even knowing that you were paying for it. Maybe you know that you have been paying for it. In either case you probably have been mis-sold and you should be able to get your money back.
Payment protection insurance is intended to protect the borrower from having to service the debt if they find themselves in any kind of situation where they cannot pay.
However, PPI- as it is commonly called- is unlike general insurance like car insurance or house and contents insurance in that it is very complex and has lots of disclaimers in the small print that prevent most people from ever reaping a benefit from it.
Great idea...bad product.
PPI has been mis-sold by the banks, insurance companies and aggressively by third party brokers who can earn huge commissions from their sale.
Some large companies have even prepared and trained their salespeople by teaching them how to script the sale of payment protection insurance.
It has been a massive scam in which the lending industry has earned billions in profit.
On April 20th this year The UK courts ruled in favour of the consumer against the banks and ordered them to repay mis-sold PPI.
Following this judgement there was a period in which the banks could have appealed and most people thought that they would. However Lloyds TSB caved in and accepted the verdict. The other banks followed.
How do you reclaim your PPI premiums with interest? You can do it yourself but before you start, remember that the road to success may be long and frustrating.