Payment protection insurance was designed to protect

Payment protection insurance was designed to protect borrowers from unexpected events that kept them from paying on their loans, store and credit cards. For someone who suffers from an injury, accident, sudden unemployment payment protection insurance can be a godsend. Unfortunate starting around the beginning of this century certain bank and lending institutions began abusing the PPI system. In many cases they didn't fully inform borrowers about all the important aspects of PPI, such as;

PPI is not mandatory for all borrowers.
-       PPI can be purchased from other institutions outside the lenders.
-       If you have paid off your loan early, then you should have been refunded the remaining PPI.
-       PPI does not improve your credit rating.
In some cases, PPI was even tacked on to loans without the borrower's knowledge. If you have had PPI as part of your major loan such as a mortgage, store or credit card in the past six years then you need to take a few steps before you can claim back mis sold PPI payments in order to give you the best chance to get your money back if you have indeed been mis sold PPI.
Gather your Information
This is the first step towards getting to claim back mis sold PPI. You'll need to get the following;