LOAN AND CREDIT CARD PROTECTION CLAIMS

You may not have even realised that you were been sold it at the time you took out your loan or credit card or, alternatively, you may have known that you were sold it but did not think that you had the option to refuse it. If you are not sure whether you were sold Payment Protection Insurance (PPI) then check your loan/credit card papers immediately because you might be in for a big surprise.

CLAIMS are specialists at wining compensation for people that were missold this expensive product which was often worthless to consumers. The PPI was meant to protect the borrower against the risk of being unable to make repayments in the event of accident, sickness or unemployment but it frequently failed to do so. Over 17 firms have now been fined by the OFT for mis-selling PPI including Alliance & Leicester who were fined over £7 million in October 2008. The FSA and OFT have now stepped in to stop all firms selling single-premium PPI from later this year.