Payment Protection Insurance (PPI) can be reclaimed by any borrower that finds that they were mis-sold their payment insurance policy. In some instances, this can lead to claiming thousands of pounds back; you are legally entitled to this money as the lenders and insurance companies have been found guilty of mis-selling their products. The term and size of your payment protection should be suitable for the loan or other agreement that you took out.

PPI should cover your credit agreement from start to finish. If your loan was taken out for a period of 7 years but your insurance only covers you for five years then it may have been mis-sold to you. Similarly, if your loan was for £10,000 but your insurance only covers £5,000 then you may have ground to reclaim your payments.