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PPI - What is all the fuss?A Payment Protection Policy or PPI is designed to protect you, the consumer, in times of need such as when you become ill or unemployed and are unable to keep up payments on a loan or credit agreement.Unfortunately, and all too often, these policies have been mis-sold. The reasons are very simple – money and profits! Lenders make huge sums of money in commissions from the sale of PPI, so companies have made special efforts to sell them alonside loans and credit agreements - but not always following thier own rules! There have been several high profile revelations where lenders have been found to have cut corners in the pursuit of profit, with the customers paying the price. Some experts have estimated that up to 2 million people have been sold policies they didn't need; were (and will be for many years) too expensive; were not fit for purpose; or they were not told the level of commission taken by lenders or brokers. The FSA and the Financial Ombudsman have both ruled on many occasions against lenders and for borrowers. Several have received hefty fines for mis-selling, and the Ombudsman is handling record numbers of claims from borrowers, many of whom will be able to claim a substantial refund. Click here to see the list of most common reasons for PPI mis-selling. |
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