Payment protection insurance explained

Payment protection insurance (PPI) was usually sold with products that you need to make repayments on, like a loan, credit card or mortgage.


What is PPI?

PPI was designed to cover repayments in certain circumstances where you couldn’t make them yourself. These include if you were made redundant or couldn’t work due to an accident, illness, disability or death.

As many as 64 million PPI policies have been sold in the UK, mostly between 1990 and 2010, some as far back as the 1970s.

But we found that PPI was often mis-sold. More than £33bn has already been paid back to people who complained about the sale of PPI.

Claiming money back 

If you had PPI you can complain yourself – for free – and claim money back.

There are 2 reasons you might be eligible to claim back money you’ve paid for a PPI policy:

  1. PPI was mis-sold to you
  2. the bank or other provider earned a high level of commission from PPI

Find out more about how to complain.

Remember: if you haven't complained to your provider by 29 August 2019, you won't be able to claim money back for PPI - so you should make your decision as soon as possible.

Products sold with PPI

You might have had PPI if you’ve taken out or used loan or credit products, such as:

  • loan – this includes personal loans, business loans and student loans
  • credit card
  • store card – this is usually from a high street store
  • catalogue credit
  • mortgage including second charge mortgages e.g for a conservatory
  • loan secured on your home in addition to your mortgage​​​​​
  • overdraft
  • car finance or something else bought on credit, such as a sofa – this may have been called a ‘finance agreement’ or ‘hire purchase’
  • home shopping account – this includes a catalogue account
  • home improvement loan - such as for a kitchen, bedroom or sofa

What to do next

If you've had one or more of the products listed above, but you're not sure whether you've had PPI with them, you should check with your provider if you had PPI.

If you already know you had PPI and are unhappy with how it was sold, you should find out how to complain. Providers are obliged to make complaining about PPI simple and will help you through the process.

Visit Search for a provider to complain about PPI to find online PPI complaints tools and contact details.

Can't find the answer you're looking for? Visit our FAQs page or contact us.

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