PPI was routinely mis-sold by Lloyds bank for several years, often attached to a legitimate loan or credit card application without the policy holder knowing or accepting it.

A PPI policy was designed to help you in your hour of need.

So if you became unemployed or unable to work through no fault of your own the policy would step in to cover your payments to the lender for up to 12 months in any one period.

It did and still could offer a great safety net for policy holders, the problems came when banks such as Lloyds mis-sold the policy.

How to Spot a Mis-sold PPI Policy

The first step to understanding if you were mis-sold a policy is to check if you have one in the first place.

Often there is evidence in your total repayments on a loan or in the additional interest on a credit card.

You’re looking for an amount added to the policy before the repayments were calculated. Sometimes you will need to work out the APR you accepted and tally up the differences between the loan, added APR and exactly what you’re paying.

On a credit card it is a similar situation.

You could also use a free online check to see if you have PPI, a lot of claims companies have a free check service. It means you can see if you have a valid claim without using their services. Though you can do if you choose once you know where you stand.

Here’s a good place to start.