What is PPI?
Payment Protection Insurance (PPI) is an insurance product sold by banks and insurance and finance companies.
It's aim is to cover repayments of loans and financial products if the borrower was not able to cover repayments of the loan or financial product as a result of factors such as: redundancy, death, illness, disability, and a number of other factors.
Payment Protection Insurance (PPI) is sometimes called: credit protection insurance, loan repayment insurance and credit insurance.
Payment Protection Insurance (PPI) is sold to insure a number of financial products, including:
- Credit Cards
Problem With Payment Protection Insurance (PPI)
Payment Protection Insurance (PPI) is often a very useful financial product, however, many PPI policies were mis-sold as customers were in many cases unaware they had PPI included in their policies. A high number of policies were also sold without the correct advice, or taken the time to ascertain if PPI suited the needs of the customer. For example, the product was often sold to self employed customeers who would be unable to claim on the policy as it excluded self-employed people.
A result of the above, a number of legal challenges again the banks arose and many banks were fined by the Financial Services Authority (FSA). As a result, on 20th April 2011, the UK courts ruled in favour of the consumers who were mis-sold PPI. This has allowed customers to claim back mis-sold PPI. PPI Glasgow was formed to help the people of Glasgow reclaim their mis-sold PPI.
Contact PPI Glasgow
Please contact PPI Glasgow today to claim back your PPI: we're the first call for all Glasgow PPI Claims. We are one of Glasgow's most successful and hardest working PPI companies. We also cover the whole of Greater Glasgow.