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Mis Sold PPI Costs Consumers Thousands Every Year
There is no doubt that PPI can be a very useful product. If you are ill it is designed to cover loan repayments, credit card payments and even mortgage payments. Unfortunately lenders have been abusing the sale of PPI and selling it to customers who won’t be covered by exclusions – leaving millions in the UK out of pocket
Claim Back Your Mis Sold PPI With This Simple Guide
PPI, or Payment Protection Insurance is a type of insurance that is taken out in conjunction with a loan, credit card or mortgage. PPI works in the following manner; the borrower pays a small monthly premium on top of the loan payments and if they are made unemployed or taken ill then the policy steps in and takes over the payments – it is estimated that there are over 20 million policies that have been sold and are active in the UK. However, a lot of these policies aren’t fit for purpose, banks have sold them to customers who neither want, need or know that they have them – in this situation the banks have mis sold PPI.
