Why is PPI so bad?
Why is PPI so bad?
Payment Protection Insurance (PPI) was mis-sold by the banks and financial institutions throughout the 1990s and early 2000s. Sadly, the phrase mis-sold does not give a true reflect of just how bad this product was. When adding it to a loan, it could put on up to 25% of the value over a period of time, in addition to the interest charged on the premiums which were always added to the loan itself.
Staff were sent on courses specifically to sell PPI and again, by the word sell, it does mean or give the impression of some sort of interaction between a client and the member of staff. In one particular experience, I can remember a course that we were sent on relating to the selling of PPI and the 7 forms of negative response and reply in relation to applying PPI. One of these included just adding it to a form and not telling the customer.
Therefore, with the main banks and high street lenders looking at doing this, what chance had a customer if they were not even told PPI was applied? How could they understand that the product that they were taking was mis-sold? Quite frankly, they did not even know it was being applied in the first place!
It always amazes me that the banks have managed to spin the whole PPI saga into one of denigrating the claims management industry for the way it has approached customers in trying to get business to obtain refunds on behalf of clients.
Do not get me wrong, I think some of the behaviour of the claims management industry is downright disgraceful and the people involved should be brought to task and justice. However, the media seems to have latched onto this by way of the banks manipulating these stories in order to avoid dealing with any future claims. What the media should have been doing, if it was in any way, shape or form trying to look after clients, is establish who the 80% of people with policies who have not made claims (yes, 80% of policies have not had a claim upon them) should do about getting a claim registered and money back.
PPI is a scandalous product and anyone who has had any form of borrowing in the past should look to try and recover it. It does not matter whether you know you had it, or have any paperwork or details. It does not make any difference if you know if PPI was applied or not, the only question you need to answer yourself now is; did you have any borrowing in the 1990s and early 2000s through to 2007? Whether it was credit cards, loan, mortgage.
If you had any forms of borrowing and you have not yet ascertained whether PPI was applied, or not, then you must do so without fail. If you do not check on any of the old facilities that you had, whether PPI was applied, or not, and which we can do free of charge and the time limit is applied (which is going to be the case in August 2019) then you have no-one but yourself to blame.
80% of all policies remain unclaimed. Make sure you do not miss out!