Could You Be Paying for PPI Without Your Knowledge ?Did you know that you could be paying for an insurance policy without even realising it? www.ppiadviceline.co.uk Payment protection insurance is often mis-sold when taking out a loan or credit. It’s set out to protection your financial payments should you become unemployed, fall sick or have an accident. However many people are mis-sold policies that aren’t even valid to them. If you took out PPI on a loan or credit whilst unemployed any claim would be invalid. IF you were a student or retired, PPI does not apply to you. If you have taken out a loan in the last 6 years you could be eligible to claim. If you took out a loan of £5000 over 5 years and you’ve been advertised a rate of 7%, your bank might quote you a fully protected loan interest rate at around £125, now this might sound about right but in actual fact you should be paying £100 a month with £25 going towards insurance. The additional insurance fee means that you end up forking out £1500 over the life of the loan. Many lenders embed the extra costs into the fees and charges so that consumers are unaware they are paying more than they should. If you believe you have been mis-sold PPi you can claim back. To see if you have been paying for the policy without your knowledge, check through your paperwork in detail. Look for any mention of insurance payment or payment cover , protection pay or similar. If you are not sure contact your lender and if you find out that …