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Payment Protection Insurance (PPI)

Payment Protection Insurance is the most common name used to describe insurance that covers the borrower in the event they cannot keep up debt repayments as a result of falling ill, having an accident or being made redundant.

Payment Protection Insurance is big business for lenders generating in excess of £5.5 billion per year and there is estimated to be 20 million active policies currently in the UK.

Payment Protection Insurance has become controversial for a number of reasons: it can be very expensive, it often represents poor value for money and it has been frequently mis-sold.

In 2005 The Citizens Advice Bureau launched a ‘super complaint’ regarding the cover and, as a consequence, the following year the Office of Fair Trading and the Financial Services Authority launched their own investigations. It was discovered that many lenders were failing to sell the cover correctly or to put in place adequate processes to protect customers from the threat of mis-sale. While several lenders faced heavy fines, the industry as a whole was told it needs to improve the way it sold the cover.

Following the Financial Service Authority and Office of Fair Trading investigations it has become much easier for victims of mis-selling to make a claim.

To start your claim today, complete our quick claim form.