The banks were selling payment protection insurance to customers that took out a credit card or a loan as well as to those who were making other kinds of financial agreements, such as home mortgages, etc. The insurance kicks in when the insured loses their job or if they get sick or injured and unable to work. There were thousands of these policies sold, but they were mis sold so now the banks are liable for PPI claims. PPI claims are claims that consumers can make if they were mis sold PPI.

Sometimes this insurance was sold to people who were not eligible to make claims on it. For instance, there were exclusions in the policy that made it impossible for them to collect if they were self employed or retired. There are other factors involved too, such as the pressure banks and lenders put on people to buy PPI that was illegal so PPI claims are now available. PPI claims are a way to get your premium payments back if you mistakenly bought payment protection insurance.

A High Court ruling requires banks and lending institutions to go over their records and to notify their customers if they are entitled to PPI claims for refunds. Customers are supposed to be informed on how they can go about making PPI claims so they can reclaim their premiums. If you get a letter from your bank or lender it means that there was something wrong with your payment protection insurance policy. Customers are told in these letters how they can pursue making PPI claims.

Customers who do not get a letter from their bank or lender may still be entitled to PPI claims. However, you’ll have to go over your financial statements to get proof that you were making PPI payments and why you are entitled to reclaim your payments. If a bank ignores Ppi claims a Financial Ombudsman can help people get their money back. Consumers can find claim forms and templates they can use for free online when they want to make PPI claims.