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Payment Protection Insurance (PPI)- Mis-selling
If you have PPI on your loans, credit cards or mortgage you could be one of the many people who have been mis-sold the insurance and entitled to compensation.
What is PPI?Payment Protection Insurance also known as PPI or Loan Protection Insurance has been criticized by among others the Financial Ombudsman Service, Financial Services Authority, Office of Fair Trading (OFT), Consumer Groups and the Citizens Advice Bureau (CAB) who described PPI as a “protection racket”.It is:- Often expensive- The CAB’s complaint to the OFT showed that in many cases PPI is more about providing an additional source of profit for the financial industry than about protecting consumers. Could be obtained elsewhere cheaper- An increasing number of companies are beginning to sell standalone PPI policies, which can be used to protect any loans you've taken out much more cheaply than lenders' own insurance. The main question is -were you mis-sold the policy?A number of circumstances surrounding the sale of the policy can determine if you have been mis-sold it, amongst them:-
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