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Europe > United Kingdom > London > Useful Info
Submitted on Jul 30, 2020 Useful Info

PPI is an insurance contract

PPI is an insurance contract, usually concluded when you receive a loan or credit card. The law states that this contract is an asset in bankruptcy, as is the right to file a complaint in the event of an improper sale.

You must inform the official recipient if you have withdrawn your PPI before going bankrupt. This is because the right to make a claim arises when a PPI or other product was initially mis-sold.

This is the same as other financial products that have been improperly sold, including other loan and credit card protections, bank accounts, interest rate transactions, and loans.