If you are unaware of what PPI are then this is either because of the fact that you are from a country where it is called something else, or because you are so enamored with scads that you have never had to even consider money, let alone take out any sort of borrowing. Payment Protection Insurance is the type of policy that covers a person that has borrowed money, should they find themselves in a predicament whereby they become out of work. This may be due to an accident, a bout of sickness, or redundancy: you cannot make a claim if you have quit your job. This sort of cover is sold alongside all types of borrowing; personal loans; mortgages; credit cards.

From that depiction of PPI it sounds like it could only ever be a positive thing and that is the case, or would be if not for the negative interventions of the banking fraternity. First off there is the fact that although a PPI policy leads the holder to believe that they are protected against the aforementioned circumstances, (and for up to 24 months) most of the policies do not cover people that have to have time away from employment as a result of suffering from stress, or any type of ailment relative to the back-area. Farcical it is that this should be the case, what with stress and back related ailments being the two main reasons why people have to have time off work.

So as well as it being difficult for those that most need it to make a PPI claim, it is also a type of policy that is markedly pricey. People for instance can purchase similar products such as Income Protection Insurance, (with better perquisites) for less. It is also possible for the Perspicacious consumer, (who does not take as read what they are told by the banks) to get PPI from an independent insurance company for a great deal less. Relate this to the fact that PPI is purchased, en masse, using single premium payments, people end up paying even more for policies. Single premium basically means that the cost of a policy is added in its entirety to the cost of for instance a personal loan, and therefore made subject to the same interest as the borrowing itself.

There are other negative aspects to PPI, also. For instance, customers who require credit are lead to believe, by the call-centre-operatives to whom they speak in order to be screened for borrowing, that there is no way that credit will be considered unless PPI is procured alongside the borrowing. It is estimated that over two million people have been sold PPI under false premises: only 11% of policyholders are successful when it comes to making a claim! It comes as little solace to those that were mis-sold policies in the past, that single premium PPI is no longer legally allowed to be sold, as of May 09.

It may well now be a case of you being of the realisation that you have had PPI mis-sold to you, after finding out about the ill manner that punctuates its sale. If you do feel that this is the case then you need to be making a claim so that you can have your PPI premium recompensed. Make sure you do your research and find a company that can do this for you at little or no charge because the last thing you will want is to be taken advantage of even further.

You know, you may well be able to claim back your PPI payments