Personal Finance Info
PPI: The Biggest Mis-Selling Scandal In History
Over £31bn has been paid out by the banks since January 2011 and there are still billions left to be claimed*
PPI was mis-sold for decades, and the sheer scale of the mis-selling means that thousands of people who were mis-sold PPI are yet to claim back what is rightfully theirs.
PPI was designed to cover repayments in the event of sickness, injury or unemployment. However, PPI was mis-sold because:
- Consumers never asked for PPI
- Consumers did not want PPI
- Consumers did not know they were paying for PPI
- Some consumers did not need PPI
Lloyds Banking Group have set aside a further £1bn (incl. administration costs) to compensate customers who were mis-sold PPI.**
If you have or have had a loan, credit card, mortgage or car finance, then you should check whether you had PPI with it. It really is surprising how many people are sure they never had any PPI.
Even if you are not sure if you've ever had PPI on your credit cards and loans, you can find out for FREE. To start your check, click on the button below.