If you had taken a loan out a few years ago for a mortgage, buy a car or even purchased items on your credit card, You may have been caught up in the PPI scandal that has come to light in the UK and may be considering ppi claims along with many others. It has been made public that many banks have made their customers pay for payment protection insurance without even informing the consumer of this fact.

How did this happen?

It has been found that banks had made it sound compulsory that the borrowers have to pay for the insurance and many of these financial institutions even gave their employees bonuses if they include the PPI in the contracts when loans are given out.

Why did banks do this?

It is a matter of risk and even though it is not called for or required by the financial regulations, banks often decided to safeguard themselves and get the consumer to take out a payment protection insurance in favor of the bank so that the bank will get their money back no matter what happens. In many instances, it did not matter if the borrower was creditworthy or not, the bank would give out the loan and in case the person cannot pay back they will be safe.

PPI claims

After the revelation, many people have been claiming back the payments they made for PPI to the banks, and if you are in the same situation, you should consider …