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How Was PPI Mis Sold?

PPI was widely mis sold to customers either at the point of sale or at some point thereafter. All the benefits would have been explained but eligibility or appropriateness would not have been determined. Here is a list of the most common situations when PPI would have been mis sold:

  • The borrower would have been told that the loan would only be approved if they took out PPI alongside the loan
  • The borrower refused to take out PPI but it was added to the loan anyway
  • The borrower was not even informed that PPI had been added to the loan
  • The borrower was not informed that the salesperson would receive commission for selling the product
  • The terms and conditions, particularly exclusions, were not explained to the borrower
  • The borrower was ineligible for the cover because they: was unemployed, in part time employment, a full time student, suffering from a pre-existing medical condition, or was of a retirement age
  • The borrower was not offered the option of a monthly premium policy
  • The borrower was told that PPI is compulsory
  • The borrower was not asked about their medical history
  • The borrower was not asked about any existing cover that they may have had in place
  • The borrower was not a public sector worker who was entitled to full sick pay from their employer e.g. a police officer or a nurse
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Types of Credit That You Can Claim PPI Back On?

  • Store cards
  • Credit cards
  • Loans
  • Car finance
  • Mortgages
  • Finance on a sofa
  • Finance on laptop or other electrical goods
  • Hire Purchase Agreements: Cars, Caravans, Double Glazing, Kitchens, Bathrooms, Conservatories, Furniture, White goods / Electrical entertainment items, Anything bought on finance

What Has PPI Never Been Sold On?

PPI has never been sold on:

  • Payday Loans
  • Log Book Loans
  • Student Loans
  • Door Step Lenders
  • Guarantor Loans

What Will You Receive for a Successful Reclaim?

This will depend on the actual individual circumstances relating to you (the client), but in general for a successful PPI claim, you (the client) may receive:

  • The full value of the PPI
  • The interest paid on top
  • + 8% per year statutory interest as compensation to the client



What is PPI?

PPI stands for Payment Protection Insurance. It is an insurance product that was sold along side financial products such as loans and credit cards with the intention of covering repayments if the borrower could not make them for specific reasons like illness or redundancy. For more info on this topic please see our What is PPI page.

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