If you have friends or relatives who have done this – or if you have just been reading about all of the other people who have filed claims – then you might be wondering if you can claim as well. There are a few things that you should know so you can discover if you are eligible.

What Is PPI?

Before you do anything else, you need to make sure that you understand what PPI is. PPI stands for Payment Protection Insurance and is a type of policy that can be used to help you make your payments when you do not have enough money.

For example, imagine you have a mortgage on which you need to pay nine hundred pounds every month. If you miss a payment, you need to pay interest on the total amount that is left on your mortgage. If you find yourself in a difficult position one month, you might be in danger of not being able to pay. Maybe some unexpected bills will have come up that have made it hard for you to make ends meet. You can then use the insurance coverage to provide the money that is needed for the mortgage.

Do You Have Cover

Anything that provides you with money that you then have to pay back can come with PPI. You should check to see if you have it already. If you do and you want to file a claim, here’s how.

Can you claim?

If you have been mis-sold your coverage, you may well wish to make a claim for a refund. If the bank told you that you had to have the coverage when you did not want it, they may have to refund your money. This is also true if they did not explain all of the different terms and conditions to you.

Sally Bowyer, Managing Director of financial claims specialist BrunelFranklin.com says that the public are slowly becoming wiser to the tactics of mis-selling, but that a lot of the damage is already done: “It is important to realise that we may all unwittingly have taken out PPI during the years when lenders were offering a seemingly endless line of credit in the form of loans and credit cards in particular. It costs nothing to check your paperwork for insurances that you may not even know you are paying for. PPI per se is not a bad product, however the onus is on the vendor to ensure the product is the best for your needs at the time of sale. If the best product for your needs was not offered, or if you were unaware of the true cost, for example, you may have grounds for a refund.”

Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.