Payment Protection Insurance or PPI is an insurance policy usually taken out alongside mortgages, personal loans, credit cards or finance for high value products.

A PPI policy is designed to cover your monthly repayments if you are unable to pay them because you have been made redundant or you are unable to work due to accident, illness or injury.

PPI is also sometimes known as loan protection insurance or Accident, Sickness and Unemployment (ASU) cover.

Over the last ten years, loan and credit card providers have routinely sold this insurance to many people for whom the insurance policy is inappropriate. As a result, well known lenders such as Alliance & Leicester, Egg, Capital One and HSBC have been fined millions of pounds.

The Lloyds Banking Group, which includes the Lloyds TSB, Halifax, Bank of Scotland, Cheltenham & Gloucester and Black Horse brands, has now stopped selling this type of insurance while other lenders such as Santander, Barclays, HSBC and Natwest/RBS are either restricting the product to certain types of finance or are gradually phasing it out.

Millions of people who have been affected by the mis-selling of PPI are now receiving refunds, you could be next, start your claim today.

Find out if you are eligible to claim