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PPI Scams

The odds that you have been mis sold payment protection insurance in the past 10 years are alarmingly quite high. Because the cover was sold so widely and was attached to so many different kinds of financial product most people will have at least been offered a policy in the past. PPI can be known by a number of different names including: payment protection, loan protection, payment insurance, loan insurance, or payment protection insurance. The main concern of the majority of the citizens who were involved in payment protection is whether or not they were mis sold PPI. Mis-sold PPI is the main reason that people consider all forms of PPI scams.

What Is Payment Protection?

Payment protection also known as payment insurance or PPI is a form of insurance that is normally attached to financial products such as credit cards, store cards, mortgages, and loans. The design of payment insurance was to cover payments insured by the payment protection policy when the insured person should become sick or unemployed.Many people view payment protection and all other forms of loan protection as PPI scams because often times they were mis sold PPI.

PPI Scams Checklist

Payment protection, loan protection, loan insurance, and PPI scams are only scams if they were mis-sold payment protection. Below is a mis-selling checklist:

  • If a lender did not inform a possible future client as to how much the payment protection policy would cost.
  • If borrowers are not informed that payment insurance is completely optional and not mandated.
  • If the lender pressures borrowers by telling them that in order to receive a loan in which they are applying for and they must also start a payment protection policy.
  • If a borrower is allowed to sign up for payment protection insurance even if they are unemployed.

What to Do If you have been mis-sold a policy

PPI claims have hit record highs in recent years. In 2010 alone just around 50000 complaints were filed to the FOS (Financial Ombudsman Service) a number nearly 20,000 more than the previous year's complaints. If a failure occurred during the process of applying for your loan or obtaining payment protection insurance there is a possibility of receiving a refund for money spent on the policy.


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