Payment protection insurance (PPI) was sold to customers a long with personal loans and credit cards. Some customers did not realise that it was sold to them, others felt pressurised into buying it and many were told that they would not be granted a loan if no payment protection insurance was taken out.
In total about 48 million policies were sold in Scotland, England, Northern Ireland and Wales, the majority of these policies offered very poor value for money and were indeed poor advice to take out.
Because of this many customers have been compensated for being mis-sold payment protection insurance although it has now transpired that many people were not paid sufficient compensation or were rejected when they sought payment protection compensation.
Confidential PPI claims have now appointed a firm of solicitors and barristers who will make payment protection insurance claims using legal procedures and protocols rather than financial services rules. This has led to borrowers and credit card holders receiving additional compensation even though they complained years ago. Customers who were rejected payment protection insurance compensation are also now winning claims as solicitors are using a recent precedent set in the Supreme court to make sure customers get everything they are entitled to.