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In this news report from Radio 1, mis sold PPI is discussed with members of the public, have a listen, it makes you wonder if you’ve been paying each month for worthless PPI cover. Click Play above to hear the report. Here’s what was said:

Radio One: Claims more people are being pushed into taking out extra insurance when they get a loan

Man: If I had been explained about the PPI properly I won’t have actually taken it out at all in the first place. It’s something I could have done without.

Radio One: That, and your stories coming up. Today on newsbeat, we’ve been looking into PPI, Payment Protection Insurance. It’s supposed to cover you if you take out a loan or credit card then can’t make your payments. But one money watchdog says they’re getting a thousand complaints a week about PPI, that’s up a record 58%. Newsbeat Catherine Burns has been investigating.

Catherine: The way PPI works is, say you’re having money problems because you’ve lost your job or had an accident. It should take over your loan or credit card payments but it’s expensive and can be complicated so you could pay out for years and find out you’re not even covered. Taz first heard about it when he applied for a loan.

Taz: When I was talking to the branch manager, he said that it was good to take out; he did say it’d help the loan as well, the approval.

Catherine: Were you told you had to take out the PPI?

Taz: It was recommended highly to be taken out, yeah.

Catherine: Do you feel that he fully explained it to you?

Taz: Not really, no. Not at all to be honest.

Catherine: Just paying back his loans cost around £230 a month. Then on top of that, he’d have to shell out an extra £40 for his PPI.

Taz: I felt that he was trying to sell me something, obviously thinking about his own pocket, and not my benefits. Obviously it’s money I could have done with to be honest these money, spent that on my children.

Catherine: one banks been fined £7 million for training staff to pressurized customers to take out this insurance. But overall its almost impossible to tell how many people have really complains about this.

Radio One: A lots of text about this. One from someone who used to work at a bank. One says he was forced to sell PPI with loans. Dave from Cornwall says he spent £900 on it but didn’t even realise he’d taken out a policy. Mike says his bank wouldn’t payout when he got made redundant.