What is PPI and Why am I Getting Phone Calls About It?

PPI is payment protection insurance. This is something which is sometimes sold when you take…

PPI is payment protection insurance. This is something which is sometimes sold when you take out financial products so that if you cannot make the repayments, the insurance will pay them for you. This is something which some people like to take out to give them peace of mind.

However, in the past people were sold the insurance without fully understanding what it was for, it may not have given them the cover they wanted or it was just given to them without them being asked if they wanted it. In these cases it was considered to be miss sold. This is where some people are claiming back the money they spent on the policies because they did not want it in the first place.

payment protection insurance

If you have taken out any sort of finance agreement, then there is a possibility that you may have been miss sold PPI and so many companies are telephoning people to check. They will be able to help people claim back the money the paid. However, it is best to think about this yourself. Never trust someone on the other side of the phone with details of your finances as you have no idea who they are or what they are going to do with them. You will be better off going to a local company or telephoning a company yourself and then you will know who it is that you are speaking to.

Of course, you may always read the terms and conditions or have never taken out a loan and therefore be perfectly confident that you have never been miss sold PPI. However, anyone who has not should take a look at their financial agreements and see whether they have.

The phone calls can be very irritating, but if you politely tell them you are not interested, they will hang up quickly. You could always ask them some questions about PPI, it does not mean you have to use their company to make a claim. You can find out more about them and then consider whether you would want to use them or not. You may prefer not to use a company that have cold called you and would rather approach one yourself. It might be useful to see if family and friends have made a claim and whether they can help you in recommending anyone.