What is PPI?

If you have taken out a loan, credit cards or mortgage you may have also been sold Payment Protection Insurance (PPI). Mis-selling of PPI has been rife over the last few years, prompting major investigations from the Financial Services Authority (FSA) and the Office of Fair Trading (OFT).

PPI Is Big Business

There are about 20 million PPI policies in the UK which generate about 5 billion pounds a year. Finance companies typically make more profit from PPI than they do from the interest on your loans. Mis-selling PPI has become common practice for many companies seeking these lucrative profits. It is estimated that 50-70% of all PPI policies were mis-sold- meaning if you were sold PPI with your finance then it is likely that you are entitled to a reclaim.

Many people with PPI are unaware that they are paying for it. They see an attractive APR and call the finance company, who then tells them the monthly repayment amount whilst neglecting to mention that PPI is included in the amount.

PPI isn't Bad, but Mis-Selling it is

PPI itself is not a bad thing; it has saved many people from financial ruin. The problem lies with people mis-selling policies in the quest for profits. Many PPI policies are sold to people that they do not cover, rendering them useless when you need them the most. To see if you were mis-sold your PPI policies, please visit: Can I Claim?

• Frequently Asked Questions


• Can I Claim?


• How to Claim