What is P. P. I. ?

What's all that about then?

P.P.I Stands for Payment Protection Insurance it's often sold along with your loan or financial agreement such as a mortgage or perhaps a loan for home improvements, and almost definitely if you've got yourself a consolidation loan.

Yes but what is it?

It's an insurance policy that's "supposed" to step in and pay your repayments if something goes wrong in your life that you have no control over, you may get sick and can't work or you may find that you've been made redundant. If that happens then you should be able to rely on your insurance to step in and meet your loan payments.

So that's a good thing if I have it?

You would think it was wouldn't you. The problem is that a great many PPI policies that are sold are totally inappropriate for the needs of the borrower.

As such, when it comes time to rely on these policies, small print and exclusions prevent the policyholder from claiming. This is because when they have been sold with the loan the policies haven't been properly explained.

What's worse is the policy can be a third of the value of the loan and with interest it can be more, here's an example:

Lets say you take out a loan for about £3000.00 with a PPI policy.

Three years down the road you've been paying about £130 .00 per month back but then you find that you've been laid off work. You call the loan provider to find out how much you've paid back. You may find that you've only paid as little as £10.00 off the loan. This is because the PPI is paid off before your loan and there is interest paid on it too. So you've paid £4680.00 and the likelihood and there is one in four chance, statistics show, that the insurer will not meet the claim because the policy is inappropriate.

So you've paid all that money for nothing and you still have a debt that the lender will take you to court to recover and possibly look to put a charge on your property or maybe send bailiffs to your home.

Did anyone one tell you that when they were selling you the loan?

No?

Then you should complete our feedback form today. We want to get your money back.

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Should we feel that over-payment has been made and compensation can be received we will deduct 25% of the monies received as our fees.