Your Guide to Reclaiming PPI – You have until August 2019

You’ve almost certainly seen ‘PPI’ mentioned in the press and online. It’s a term often used by companies looking to entice consumers in with the promise of free money. However, it’s not always as straightforward as it seems and you can often end up losing a large chunk of money receive for a successful claim. What is PPI? You could have been sold PPI (Payment Protection Insurance) when you took out a credit card or a loan. It’s a type of insurance that was designed to provide consumers with cover for making payments on the loan or credit card if they fall ill or are unable to pay for another reason. However, because this insurance was mis-sold to so many people it has become the subject of multiple compensation claims. You may not even realise that you were paying PPI and because of that there could be years of payments due, which could result in a fairly sizeable compensation payment. How much PPI is really unclaimed? Since 2011, banks have now paid out more than £23 bi