If you have taken out a loan or a credit card within the last several years then you will probably be aware of a product called Payment Protection Insurance. Unfortunately, Payment Protection policies were wrongly sold to millions of people over a period of several years. The good news is that thousands of consumers have already been able to receive a PPI refund.

Many consumers are unsure how to go about getting their money back

Before you go about claiming a refund you need to make sure that you have actually been wrongly sold Payment Protection Insurance. If you want a refund then you are going to have to prove that you were wrongly sold a policy. There are numerous reasons that would mean you are entitled to a refund. Was the policy that you bought properly explained to you? Unfortunately, it is not uncommon for PPI to be sold without the person knowing any details about the policy they are buying.

Another common issue with mis-sold PPI is that some policy holders are not entitled to a payout from their insurance even though they are paying costly premiums. This effectively renders the policy useless. PPI has also been criticised for its high rejection rates, for example if you are self-employed it is unlikely that you will be covered by PPI.

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 claim.”

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.