What’s the difference between PPI and PBA claims?
The difference between PPI and PBA claims:
Payment Protection Insurance (PPI) was designed to cover your monthly repayments. These repayments were attached to financial agreements such as mortgages loans or credit cards in the event of redundancy, sickness or an accident.
Packaged Bank Accounts (PBA) is a bank account where customers pay a monthly free. In exchange, they receive inclusive products such as mobile phone insurance, travel insurance or breakdown cover. Another name for this type of bank account is an Added Value Account.
Both were mis-sold to customers by banks and lenders. Sometimes, they were added without the customer even being aware that it was a part of the deal.
If you’ve been paying for payment protection insurance or a packaged bank account, then you could be entitled to a refund or compensation.
Use our Payment Protection Insurance calculator to help estimate how much you could be owed and start the process for reclaiming PPI or PBA today.