The jig is up. Payment Protection Insurance (PPI) is a scam, it’s been mis-sold, mis-placed and mis-trusted but why did the banks, lenders and providers take the wee wee out of us so much? This might explain it: When you took out a PPI policy with a borrowing, be it a mortgage, credit card or loan; the sales person typically received 80% commission based on your initial premium. So you can imagine they were some-what keen to sell.

As if that wasn’t enough, according to the Competition Commission, when someone did actually need their policy and made a PPI claim due to unemployment or illness, they were turned away. In fact, only 14% of claims were ever paid out on which equates to £14 for every £100 taken in premiums. Scandalous doesn’t quite cut it.

Related posts:

1. PPI Compensation Claims Rise As Barclays Win Appeal
2. PPI Claims Reduced By Tighter Regulations
3. Will PPI Claims Be A Thing Of The Past?
4. Cleaners PPI Refund Claim Wipes Out Her Whole Debt
5. Banks Ask For More PPI Refund Claims