What’s wrong with PPI?

Payment Protection Insurance is not a bad product in some cases, it was originally designed to cover the repayments on your loan or credit card payments should you become unemployed or unable to work due to an accident or illness.

But in a lot of cases PPI was an expensive, inappropriate and even added to peoples accounts without even wanting or knowing about it. PPI may have added up to 56% to the loan value, not even including the interest. Following High Court action, where they investigated PPI mis-selling, major banks have set aside billions of pounds to cover customers’ complaints about PPI.



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