Payment Protection Insurance Missold

Online, November 21, 2009 (Newswire.com) - Most people who have been mis-sold a PPI are not even aware that they can get their money back. A team of leading legal experts at a new company called the Consumer Benefits Network has been specifically set up to handle claims for mis-sold PPI policies.

Once CBN have proven that your payment protection policy has been mis-sold, their legal team will litigate on your behalf to get the balance of your loan overturned.

Payment protection insurance, or PPI, is the insurance that is sold alongside loans, credit cards, store cards and debt products such as car finance agreements. It is supposed to cover the repayments if you are unable to pay them.

If you are unable to meet the repayments because of an accident or illness that means you can't work, or if you lose your job, PPI should step in and cover the payments for a defined period as set out in your contract.

The Financial Services Authority (F.S.A.) have ruled that many of these policies have been mis-sold, which means you can make a claim to get your money back.

Many people are still being misled into buying payment protection insurance (PPI) to cover their credit card payments, Which? claims. A survey for the consumers' association suggests that nearly 10 million people have a PPI policy with their cards.

But 13% (1.3 million people in the UK) bought it under the mistaken belief it was compulsory or would improve their chances of having their card application approved.

The consumer organisation Which? said people were wasting their money buying any form of PPI policy.

"Credit card PPI is a modern day snake oil - it's a useless product, expensive and poorly designed," said Doug Taylor of Which?

"In this time of economic uncertainty, people are effectively throwing away £970 million each year, when they should be encouraged to seek independent financial advice about protecting their finances as a whole," he added.

To check if your Payment Protection Policy is missold please contact James Winsoar, an independent associate of the Consumer Benefits Network on Nottingham 0115 9400 899.