A few years ago, the PPI scandal was all the rage. Everyone was talking about it. Countless news stories surrounded PPI – what it was, why it was such a problem, how to make a PPI claim and why the overselling had to stop. Things have calmed down, but that doesn’t mean that everyone’s PPI free. There are quite a few that were sold PPI and still don’t know that this awful scheme is hiding within their payments. But we’re getting a little bit ahead of ourselves, so let’s back up a bit.
PPI stands for Payment Protection Insurance. At first glance, it sounds like something you’ve always wanted: payment protection in case life takes a nasty turn. However, many people are paying extra money every month for PPI that aren’t eligible for it. For example, PPI doesn’t protect you if you’re self-employed or if you quit your job. It also doesn’t cover any existing unemployment / redundancy claims that you’re dealing with. So, if you were facing a problem at the time the PPI was purchased? It won’t cover anything existing.Continue Reading