Millions of people in the UK are in debt at varying scales, with the average being around £2500 debt per person. Getting into debt is the easy part, over spending, a job loss or lots of other issues can get you into debt but the hard part is getting back out.

There is an easy way of getting out of debt or at least lowering your debt significantly with only 5 minutes work on your part, it’s something that is a very viable strategy for reducing the debt of at least half of you that are in that situation.

Over the last decade the banks and lenders in the UK have been using customers vulnerability when applying for personal finance against them, sales advised pushed or implied that having PPI would benefit the customers application or were ill-informed and didn’t possess the product knowledge needed to tell the customer all the vital facts they needed to know.

PPI is meant to cover the holder against credit card or loan repayments if they were to be unfortunate enough to not be able to meet the commitments through accident, sickness or unemployment through no fault of their own.

It all boils down the the fact that half of the UK population has been mis-sold PPI and it could easily be argued that those in debt are more likely to have PPI in the first place, so check your statements for any signs of paying PPI premiums monthly or within the initial loan interest. If you have been paying for PPI there is every chance that you were mis-sold the policy and could claim compensation, on average this is worth £3000 per policy, with most people having more than one.

You were mis-sold PPI if you didn’t want, need or ask for it and in many cases lenders would add the policy to the application without the applicants consent. In a vast number of mis-sold PPI cases the sales advised mis-informed or failed to inform the applicant of vital information about the policy, including that it was optional, wouldn’t affect the application, could be purchased elsewhere and that there were strict policy exclusions including back pain and stress related time off work.

So if you believe you have been mis-sold PPI on a credit card or loan then it is time to act, there may be time limitations on when you can claim compensation so get those statements out and have a look then get in touch with a PPI claims company who will guide you through the process and use their skill and experience to act on your behalf and chase your compensation.