If you have taken out a mortgage, personal loan or credit it is almost certain that you were sold payment protection insurance from your lender. PPI ideally covers your ability to repay your debt should you find yourself in difficult circumstances such as injured or unemployed, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold. If you have paid for PPI you may be entitled to claim this money back. What you may not be aware of is why you could be eligible to claim and why the banks could face a huge wave of payouts

An American man filled in the appropriate accident report form after suffering a traumatic accident at work. According to the claims adjuster, “trying to do the job alone” was not a detailed enough description of how the accident occurred. The man proceeded to elaborate and recall how his injuries transpired:

It has recently emerged that banks and insurance companies could be liable to pay over 4bn to customers who were fooled into paying for Payment Protection Insurance on a loan, mortgage or credit. A previous estimate of up to 1.2bn only covered customers who will attempt to reclaim the payments they have made but this new figure takes into consideration the extra amount of customers who the banks will be forced to give refunds to.