It is important for any consumers who are paying for Payment Protection Insurance (PPI) on borrowings such as loans and credit cards that their policy has not expired. PPI usually only covers the loan or credit repayments for a limited period of time, often twelve months. However, some policies will pay out for longer and up to two years.

The amount of cover you get can depend on the type of insurance you have: Mortgage and loan payments are usually covered in full for the set period of time for which you are insured. With credit and store card payment protection, you are often only covered for the interest on the outstanding amount you owe, or the minimum payment. This means that you may not be able to clear the debt during the period you’re claiming and will still have to find a way to pay it off when the insurance runs out.

Many PPI policies pay out in blocks of 30 days. This means that if you returned to work after 28 days, you wouldn’t get a payment.

There is usually a 30-day delay, or waiting period, before you can make a claim. If you continue to use a credit or store card while claiming on your insurance, the insurance won’t cover the new payments you’ve made.

Check your PPI agreement, you may have been mis-sold

There are numerous clauses and exclusions in a Payment Protection Insurance agreement, many of which have led consumers to be unfairly sold a policy which does not fully cover the individual. Fortunately thousands ofUKconsumers have been able to recoup their costly PPI premiums by way of a PPI refund.

PPI refunds can total a significant amount of the premiums paid plus interest, if you believe you may have been mis-sold your policy are find your are still paying for a policy which does not cover you then you may want to find out more about a PPI refund.

Sally Bowyer, Managing Director of regulated financial claims specialist BrunelFranklin.com says that many people were mis-sold policies unknowingly. “Many people finally realise they have PPI only when it is pointed out by a friend, colleague, family member or financial adviser. The good news is that once you are aware you have been sold PPI, you may have grounds for claiming against a mis-sale, if you were unaware of the terms and conditions or the true cost, at the time of sale. There are many other circumstances that may constitute a mis-sale, which is why it is advisable to consult the experts.”

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.