Following a long running investigation by the Competition Commission and Financial Services Authority (FSA), it was deemed that the vast majority of Single Premium PPI policies had been incorrectly sold to the public. You could be entitled to claim back the cost of any PPI that you have paid for plus compensation.

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If you have taken out a Loan or Credit Card you may also have taken out a standalone Payment Protection Insurance (PPI) policy. The cost of the PPI policy may have been added to your loan, increasing the amount of debt, and you will have paid interest charges on top of this. You should have been given the opportunity to shop around for insurance. In May 2009 the FSA banned the sale of single premium PPI policies as they were not fit for purpose.

The good news for you is that if you have taken out one of these policies you could be entitled to £1000s in compensation.