What Is PPI?

What Is £20 PPI £20 Payment Protection insurance more famously known as PPI is sold with credit agreements (mortgages, loans, credit cards etc...) So far PPI sounds great & to be honest it is an awesome policy & provides you with peace at mind if you have a lack of job security. Its purpose is to help you keep up with payments if you're suddenly out of work which could be due to a number of reasons. How PPI was Mis-Sold How it was sold is the heart of the scandal. It is projected that only around 10%-25% of consumers actually knowingly purchased a PPI policy. There were 4 main methods used to mis-sell PPI. Simply don't tell. Yes this actually happened, Banks would sell you PPI along with your credit agreement & you would not even know about it. Lie. That's right! Banks & lenders also lied & informed the consumer that to receive your loan or mortgage PPI was necessary. Erase information. It's a low blow but that was another method used to sell PPI to consumers. Sales staff often removed information regarding the policy & left the terms & conditions intentionally unexplained. Obsolete contract sales If you are unemployed or self-employed PPl is of no use at all to you but people in these circumstances were too mis-sold PPI. Also if you were ill when you purchased PPI then it is possible that the insurance plan did not cover your exact illness.