Capital One PPI Is A Form Of Insurance
Capital One Payment protection insurance or Capital One PPI is a form of insurance that is put in place to kick in should you have a valid reason for not making the payments on your Capital One loan, credit card or mortgage. Reasons include unemployment, expected injury resulting in the in ability to earn etc.
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to insure repayment of loans if the borrower dies, becomes ill or disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt. PPI is widely sold by banks and other credit providers as an add-on to the loan or overdraft product.
So Why Claim It Back?
Many people were mis sold this policy by Capital One! By mis-sold, we mean that:
- Some people, for years were never even aware that they had this policy in place and were therefore paying a premium for a service they might not have wanted.
- Some people had been paying a Capital One ppi premium, even though they were NEVER eligible to claim for.