Were You Mis-sold Payment Protection Insurance (PPI)?

If you've ever taken out a loan, mortgage, credit card or store card, or bought something on credit, then the chances are someone tried to sell you payment protection insurance (PPI) at the same time.

The idea is that PPI covers your debt repayments if you can't work – for example, if you become ill, have an accident or if you are made redundant.

But many PPI policies have been mis-sold which means you might spend a lot of money on expensive insurance you'll never be able to claim on.

WHAT IS THE PROBLEM WITH PPI?

Many firms have been fined for breaking the rules and failures in the way they sell PPI to customers.

Although there are clear rules that any firm or advisor selling a PPI policy has to follow, mis-selling is still a problem and consumers could be missing out on claiming back money that is rightfully theirs. Which? research shows that at least two million people may have a PPI policy they would never be able to make a claim on.

HOW DO I KNOW IF I HAVE PPI?

If you have ever taken out a credit card, loan, mortgage or car finance, you may have been mis-sold Payment Protection Insurance which means you could be owed thousands of pounds in compensation.