Wealth Warning - Loan & Credit Card Scandal ; Payment Protection Insurance - Is This the Biggest 'Bank Robbery' in History? Advertisement Feature

Summary

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Payment Protection Insurance (PPI) policies are designed to cover the cost of loan or credit card repayments in the event that the customer is off sick from work or has become unemployed. However, Renaissance Easy Claim, a leading financial complaints company, is warning that many people were sold policies they didn't want or need and so could be due compensation.

Andy Humphries, Managing Director of Renaissance explains, "The main problems with PPI are that many people don't really need the policy they have; the numerous exclusions on the policy mean they may not be able to claim at all; and that the benefit is restricted to a set period of time usually 12 months. Many customers did not even know they were being sold the policy, or thought they had to have it to get the loan or credit card.

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Extract

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Wealth Warning - Loan & Credit Card Scandal ; Payment Protection Insurance - Is This the Biggest 'Bank Robbery' in History? Advertisement Feature

"In 2005 the Citizens Advice Bureau (CAB) estimated there were 20 million policies with around 7 million new policies being sold each year. That means, on average, each household in the country has one of these...

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