Payment Protection Insurance (PPI) was designed to protect borrowers if they became unable to make repayments due to illness, unemployment, or other circumstances. Billions have been refunded to those mis-sold policies they did not need or were ineligible for. The PPI scandal is the largest ever faced by UK banks, with over £20 billion paid in compensation so far. It originated in the 1990s but revelations did not surface until 2011, leading to a billion pound industry assisting with compensation claims against banks. Ongoing issues continue to emerge, resulting in large fines against lenders.

1. What is PPI?
Payment Protection Insurance was originally designed to protect those who took out loans, credit
cards and mortgages should they fall ill, lose their jobs or in some way be unable to work and keep
up the repayments.
Billions has so far been refunded to those who were deemed to have been ‘mis-sold’, either by
pushy salespeople or those who were just downright mis-led and sold policies they didn’t need or
who were actually ineligible for them.
PPI has been the biggest scandal to ever hit the UK banking industry, with over £20 billion so far
shelled out by the UK banking so far in compensation.
The PPI scandal has its origins in the mid-1990’s, but the revelations didn’t fully surface until 2011.
And since then a billion pound industry has grown from the scandal, with companies dedicated to
claiming compensation back from the banks on the individual’s behalf.
Even now banks are still running into trouble and scandal, and it seems every few weeks there is a
new scandal immerging from the high street lenders and the FCA are now hitting them with huge
fines to the tune of millions and millions of pounds.
Visit: http://www.ppirefund.co.uk/