Ivy Zero Finance » Who Can Claim PPI Refunds?

PPI refunds are essentially due to any customer or consumer that was mis-sold a payment protection insurance policy that was taken out with loans, mortgages, and credit cards. The individual does need to have some grounds of claiming PPI refunds otherwise the banks or lenders will simply not accept the refund application but if you can show that you were somehow mis-sold your payment insurance then you should be entitled to claim these payments back.

It’s estimated that the payment protection industry was netting banks around £5bn a year in profits and yet the policies had a shockingly return rate. This led to the Financial Services Authority and the Office of Fair Trading to undertake an investigation into how the policies were being sold and whether there was any mis-selling taking part by banks and other lenders.

Following a continued struggle between banks and consumer groups, a struggle that led to the High Court and almost to appeal, the banks backed down and agreed that repayments would be made to those consumers that had indeed been mis-sold their policies. If you believe you’ve been mis-sold your payment insurance policy then you may be entitled to PPI refunds for each of the policies for loans, credit cards, and even mortgages.

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