Huge profits have been made from banks selling controversial payment protection insurance (PPI). At Reduce Comparison we aim to claim refunds on policies that have been mis-sold.
It has been revealed that lenders selling payment protection insurance could be making a return on their product of around 980%, a huge return on a policy that cost them very little to initially provide.
Since payment protection selling began, banks have been making billions in profits. The cover is hugely expensive to policy holders, especially as the cover is limited to those that can actually use it. In many instances those who have the policy will be unable to claim when they need to, and only then will they find out they have been paying for something that they never qualified for.
The purpose of PPI is to cover the repayments of loans, mortgages and credit cards if the customer suffers a loss of income due to sickness, accident or unemployment.
Because PPI is highly profitable, banks mis-sold it in many ways because it benefited them to do so. PPI has been mis-sold in numerous ways, such as; adding it to the loan without asking, selling it to someone with a medical history or advising that the loan enquirer would be more likely to receive the loan if they also took out the insurance. Here at Reduce Comparison we want to help those of you who have been paying for a service you didn’t need, want or ask for. Payment protection insurance is an add-on product, and if you don’t need it, you shouldn’t have it.
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Huge profits have been made from banks selling controversial payment protection insurance (PPI).PPI Claims Management
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