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PPI is nothing but an insurance cover that comes with loan and credit card schemes. When you apply for loans or credit card, you are usually offered ppi cover with the intention of making your payments smoother in case you are faced with any emergency situation. It works by making your payments on your behalf during the time you fail to pay monthly interests owing to some crisis such as job loss, accident or illness. However, you can also be missold PPI. If you are wondering what it is, it would be sufficient to say that it is one trick that is played by many banks and other such financial institutions. The main motive behind such dubious practices is to extract as much money from you as possible. They convince you that it is mandatory in order to get your loan approved. They also go to the extent of adding ppi cover along with your loan payments without your consent or knowledge. This is not correct as you have the option of choosing ppi. It is not something that can be imposed upon you just like that. Only if you agree to make use of the ppi facility can it be included in your loan payments.

Therefore, if you have been mis-sold PPI, you can take action against it. The process of doing that is making claims for the money that you have lost owing to ppi. You can expect to get back the amount much faster if you consult a professional for the purpose.