Payment protection insurance, also known as PPI or MPPI in the case of mortgage protection plans, are a form of economic insurance commonly imposed by banks upon debtors that they believe may not be able to make payments on their loans or mortgages should their economic situation be altered by an event such as job loss or illness. This is a common practice that actually grew to be ubiquitous on many (if not most) loans for several years, often unbeknownst to the debtor themselves. However, now many people are discovering that they made payments on an unknown and possibly unnecessary insurance plan that ultimately amounted to giving the banks extra profit for little or no reason at all, and are furiously demanding their money back.
If you discover that your loan or mortgage contains a PPI provision that you were unaware of there is a distinct chance that you may be able to reclaim some or all of the lost premiums by filing a suit against the creditor. There are many different companies that specialize in helping defrauded consumers take back what is rightfully theirs, but the catch is discovering whether or not the payment protection was provided to you for valid reasons or just to earn extra profit. One of the very first things you should investigate is what sort of sick leave you already have through your employer–chances are that if you currently qualify for paid sick leave the PPI was totally unnecessary and you can reclaim those funds.
If you think that there is a chance you were inappropriately provided payment protection insurance your best bet is to spend some time and investigate the situation further to determine your eligibility to reclaim the premium payments you have made. If your bank has been siphoning off unnecessary fees for a service you do not need it is not something to be taken lightly, stand up for yourself and take your money back!