Many people are not sure what PPI means or what Mis Sold PPI is either. There has been a lot of talk about it recently though.
PPI is Payment Protection insurance and it is something that you can take out when you borrow money. It is an option that you can have so that if, for some reason, you are not able to make your repayments on the loan, the insurance will pay it for you. However, there have been a lot of mis sold policies lately.
A mis sold policy is when you have either been given it when you have said that you did not want it or even sold it when you did not need it at all. People that this has happened to are now claiming back the cost of the policy through the courts, because they feel that they should never have had to pay out the money.
You may have had a telephone call asking if you have taken out a loan recently, so that the company phoning will look in to whether you have been mis sold PPI. It is actually a good idea to do some research yourself. Think back as to whether you have had any loans in the last ten years or so and see whether there was any PPI with it. If you had opted for the payment protection insurance, then you will know about it and will have wanted that insurance.
However, if it was included without your knowledge, then you could have a case for claiming back how much you paid for it. This could add up to a fair bit of money and so if think that you do have a case, then you are in a position to approach someone for help. There are many companies who can help, not just t hose that are telephoning people and so it could be worth taking a look online to see what sort of companies are out there that can help you and what they will be able to do.
If you have only spent out a small amount of money, then you may not think it is worth pursuing a claim. That is your decision and the money is rightfully yours to claim back. However, if you have paid out a significant amount of money, possibly on more than one loan, then it can be worth working to get your money back. Not only will it help you financially, but it will also teach the company a lesson who mis sold the policy to you.
