If you’ve not yet bothered to check for unfair payment protection insurance (PPI) on your borrowings, then this might just make you dig out that paperwork.

A couple who made a claim after finding PPI payments on their statements ended up with a cheque for a staggering £27,000! It was a recent news article that revealed one of the highest ppi refunds on record.

The couple took out a £100,000 loan with lenders FirstPlus and were advised by the company that taking out PPI with the loan was compulsory when it was actually optional.

After going through the claim process, the Financial Ombudsman conducted a full investigation into the policy which found that the insurance was completely useless and FirstPlus were forced to arrange the large payout of £27,000

And rightfully so, when you look at how the lender was making money hand over fist from the arrangement; the added cover meant that the couple would have to fork out £155,000 in repayments including almost 30k for misold PPI which they did not know about nor want.

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