http://www.theclaimsconnection.co.uk/ppi-claims/payment-protection-insurance-claims.html - Payment protection insurance, or â€˜PPIâ€™, is insurance designed to cover loan, finance or credit card payments in case you are made redundant or are too sick to work. In itself, PPI isnâ€™t a bad product. However, claims are being made due to various mis-selling practices by lenders, agents and brokers that have been rife across the financial services sector for years. The Financial Services Authority, or â€˜FSAâ€™, issued a new handbook at the end of 2010, identifying the most typical mis-selling practices. The handbook laid down guidelines for lenders to compensate customers who had been mis-sold PPI. The banks initially challenged the legality of the FSAâ€™s measures, but ended their action in May this year, paving the way for thousands of PPI reclaims. Some of the worst mis-selling practices related to â€˜single premium PPIâ€™, which was banned by the FSA in May 2009. This was where PPI was added to the loan as a one-off premium at inception. Single premium PPI was an especially bad deal for several reasons, which were seldom revealed or adequately explained to customers. Firstly, it was frequently automatically included in the overall loan quotation, instead of being explained separately, meaning that customers were often unaware of the policy. Secondly, it was poor value for money. Alternative PPI was usually available much cheaper elsewhere. However, customers were often given the impression that the product was compulsory. For more information on PPI refunds, contact the Claims Connection managed by Winston Solicitors LLP on 0845 009 6899, or visit www.theclaimsconnection.co.uk/ppi-claims/payment-protection-insurance-claims.html.