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29th Aug 2019

High Street Banks That Sold PPI

Banks have profited heavily for the past few decades by selling PPI to customers who took out loans and credit cards and those who applied for mortgages.

The purpose of the PPI was to meet a customer's repayments if they were unable to do so because of sickness, accident or unemployment.

If sold in the right way, PPI is a useful product. However, many banks did not carry out the necessary checks to ensure the customer met the criteria for the policy. Some banks went as far as including PPI without the customer's consent or knowledge. This is classed as mis-selling, leading many consumers to reclaim what they've paid in PPI charges.

If you've ever had a loan, credit card or mortgage, it is worth checking to see if you had PPI.