Payment Protection Insurance widely mis-sold

Mis-sold PPI was broadly distributed

by Russell Shackleford, 25th July 2011

PPI may have been an unprecedented profit-maker for the banks, but for many customers it was far less useful than was initially promised.

The mis-sold PPI scandal is now well-known to consumers, who are likely to have been a victim or at least know someone who was, as it has been revealed that millions of consumers fell prey to greedy bankers, with consumers forced to pay for worthless PPI policies, oftentimes using the cash that the insurance itself was intended to protect.

With scarcely disguised contempt for the consumers who keep them afloat, the banks and other financial institutions happily mis-sold billions of pounds worth of PPI, ripping off their customers on a scale not seen since the last time they found a way to do something of this nature. Most of the people who were paying for a PPI policy found that, if times should turn hard and it should be time to claim, their policies never covered them in the first place.

Pity these people, certainly, but maybe more sympathy is owed to those of them who would never have made an attempt to claim - as they were never even told they had a policy in the first place. Cloaked under terminology like "fully protected loan", lenders did everything in their power in some cases to hide the fact that the borrower would be taking out an insurance policy at all. The depths of their depravity clearly know no bounds as they have mis-sold the insurance to all and sundry.

Brett Salt, 53, of Northshire, was mis-sold PPI by his bank. "I didn't really know what I was paying for, even though it cost me a lot," he said. "When I discovered that it was useless, the disquiet was more universal within my abode. I'm just glad I could claim my money back."

If you've found yourself in the same situation as Mr Salt, claim back PPI now.

Claims Financial