Our payment protection insurance campaign
- Payment Protection Insurance - a poor deal for consumers but makes big profits for insurers
- As many as 2 million policies have been mis-sold
- If you’ve been mis-sold we could help you to get your money back
What is PPI?
You maybe spending money on expensive insurance you’ll never be able to claim
If you’ve ever taken out a loan, mortgage, credit card or store card, or bought something on credit, then the chances are you were sold payment protection insurance (PPI) at the same time.
The idea is that PPI covers your debt repayments if you can’t work – for example, you become ill or have an accident, or if you are made redundant. But PPI is often mis-sold which means you might spend a lot of money on expensive insurance you’ll never be able to claim on.
Which? has been speaking out about the mis-selling of PPI for many years, but now other organisations such as the Competition Commission, Office of Fair Trading (OFT) and the Financial Services Authority (FSA) are voicing their concerns.
Are you affected?
If you think you might be affected, the first thing to do is work out whether you have been mis-sold.
We’ve also got information and a free downloadable template letter to help you make your complaint. If your complaint is successful, your PPI will be cancelled.
Don’t leave yourself unprotected
If your complaint is upheld your PPI will be cancelled and this may leave you without any protection insurance. It’s important to make sure that you do have some form of cover in place so that you would be able to pay any debts and essential expenses like your mortgage or rent and your utility bills (not to mention buying food) if you were sick or you lost your job.
PPI only covers one item – and most people will need more than a PPI policy can pay out in order to cover all their essential outgoings. If you’re not sure whether you have adequate cover, find out more about insurance products to protect you and your family.
Not sure if you have PPI?
If you’re not sure whether you have PPI or not, look at the paperwork sent to you at the time you took out your loan, credit card, mortgage or finance agreement. If you’re still not sure, contact your lender or finance provider and ask whether you have PPI.
Get in touch
While we aren't normally able to help or advise in individual cases, we’d love to know how you get on with your complaint. Your experiences and feedback are vital to help us improve this site with the latest, most useful advice. Email us and tell us your experiences.
More information
The Financial Services Authority website includes details of their research into the sale of PPI. You can find information on the OFT's referral of the PPI market to the Competition Commission on the OFT website.