Mis-sold PPI policies slammed by consumers
Billions to be paid out in compensation
by Russell Shackleford, 6th October 2011
PPI, the most mis-sold financial product in living history, is now looked down upon by many as being a ridiculous profiteering scheme which was perpetrated by the banks in order to ensure that they were able to line their own pockets even when it meant that consumers would lose out and have to pay through the nose for a policy which in many cases could never even have granted them any benefit at all.
This is because PPI, also known as Payment Protection Insurance, was widely mis-sold by banks, as they saw the potential for making some extra cash by doing absolutely nothing except misleading customers into believing that they were likely to see some benefit from "fully-protected loans", "loan coverage" and other such euphemistic phrases designed to disguise the fact that the actual truth of the matter would lead to them paying vast sums for a worthless mis-sold PPI policy.
Many people found after the fact that they had been advised to take out expensive mis-sold PPI policies which were useless or overpriced in various ways, ranging from policies which the borrower in question was unable to ever claim on due to their circumstances, to coverage which they did not need due to already being insured under other policies they may have had, all the way through to having the PPI added on to their loan without being informed about it or where the broker lied about the PPI and told them that they needed to take it out in order to get the loan.
Fortunately the banks are now being held responsible for this and will be made to pay out billions of pounds of compensation to the millions of innocent victims who were mis-sold PPI and had to pay a high price for the financial sector's greed.
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