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Recent revelations have shown that an increasing number of consumers have been confused about payment protection insurance (PPI) and mis-sold PPI. Although the topic has been widely discussed in advertisements for claims management companies and news reports, many of these fail to explain the basic facts about mis-sold PPI, resulting in a mass confusion and unsuccessful compensation claims. What is PPI?Payment protection insurance is a form of protection offered with lending products such as mortgages, loans, catalogue credit purchases, credit cards or store cards. It serves the purpose of protecting payments for one year in the case of accident, sickness or unemployment, generally paid either as a one-off fee or as a smaller payment with each repayment. Not all PPI is mis-sold; for many it is a valuable form of insurance which can help protect their loan repayments in unfortunate circumstances. But the mis-selling of PPI was an unethical scandal which affected millions, resulting in lenders being ordered in 2011 to repay billions of pounds. How was PPI missold?The mis-selling of PPI mainly occurred over the past two decades, although some claims are made on PPI sold before the 1990s. Payment protection insurance was mis-sold when:
- It was added to a lending product without the consumers knowledge
- The consumer was misled into believing PPI was not optional, or would help with the approval of a loan, credit card or mortgage
- The terms and conditions of the PPI policy were not fully explained
- The consumer was self-employed or unemployed when they were sold the PPI
- The consumer was medically exempt from the policy at time of its sale