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Payment Protection Plan Scam

Of growing concern in the UK is what has been referred to as 'the payment protection plan scam.' The issue settles on the fact that some lenders may have mis-sold payment protection cover to customers alongside loans, mortgages or credit cards. As a result of this, there has been a huge surge in the number of customers making a payment protection claim


The issue of the so-called 'payment protection plan scam' was first brought to the publics' attention following a number of high profile investigations into the sale of payment protection insurance.   The investigations were conducted first by The Citizens Advice Bureau in 2005 and then by The Financial Services Authority and the Office of Fair Trading, in 2006. They revealed issues with the way the cover was sold. Over the following two years, the Financial Service Authority continued to investigate fining a number of lenders. The investigations drew attention to the issue of mis-selling and th number of payment protection complaints grew dramatically.

Types of mis-selling

The issue of mis-selling and can be divided broadly into two different types either the customer was given inaccurate or mis-leading information at the point of sale or they were sold a policy that was unsuitable for their needs. Examples of incorrect or inaccurate information include where a customer was told they had to take out the cover or that it covered circumstances it did not. Examples of where a customer sold include customers over the age of sixty-fice who were likely to be ineligible to use the cover.

If you would like to find out more about the 'payment protection plan scam' or to start your claim, call our team on 0207 471 2000.

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