What is Payment Protection Insurance (PPI)?
With a PPI claim deadline recently declared, could you still be entitled to part of the £22 billion set aside for claimants? Payment Protection Insurance was mis-sold to millions by banks, on loans, mortgages and credit cards.
Payment Protection Insurance (PPI) was sold alongside most credit agreements and other finance agreements to ensure payments were made if the borrower was unable to make them due to sickness or unemployment.
These policies attracted large commissions for the banks and providers, and most of the profit made on loans and other credit agreements came from the commission they earned selling PPI. This resulted in high pressure sales tactics, and in some cases compulsory purchases were used to sell these policies on an industrial scale to people who didn’t really want or need them.
