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Payment protection insurance was supposedly created with the best interest of the borrowers in mind but it could be said that payment protection insurance was more so in favour of the lenders. There are some who believe that lenders and insurance companies partnered in their attempts to scam borrowers by creating policies that would never really benefit anyone at all. The lender makes out on his/her end by getting hefty instalments each month while insurance companies get the onetime premium up front.This was completely backwards as payment protection companies were selling policies to people who did not know they were getting their services, people who were not willing to get services and people who did not want or need them were still receiving their services.

Payment Insurance a Huge Scandal

Payment insurance is one of the biggest financial scandals in history. A close look at the reasons and ways payment protection insurance was often sold will clearly show that lenders were in the best situation not the borrowers who are paying for the service. Lenders will receive money for payment by the borrower and may also receive financial rewards from the payment protection insurance companies for the use of their services: A clear conflict of interest on behalf of the lenders resulting in numerous payment protection claims.

PPI and United Kingdom

Payment protection, loan protection, loan insurance, and payment protection insurance all were synonymous with the scandal for the past decade. The last 10 years PPI has went from being considered a smart option for buyers to scam. Many people hate PPI UK especially. PPI UK has gotten out of hand so bad that in the past two years alone there have been more than 80,000 complaints to the financial ombudsman service.

Reclaims and Refunds

Considering the massive amounts of complaints levied against lenders and the staggering sum of the individuals who stand in line to receive refunds from PPI UK entrepreneurs have started PPI claims companies. These companies were created with the intentions of providing assistance during the process of filing for a refund. These companies are regulated by the Ministry of Justice to provide excellent service to policyholders who were mis-sold policies. The Ministry of Justice job is to ensure that payment protection claims companies are adhering to strict guidelines.

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