To help consumers meet their need for retail therapy, many signed up for store cards from high street retailers during the 1980s and early 2000. During this time most retailers such as Debenhams, Top Shop and Mothercare, sold PPI alongside their store cards without the customer's knowledge or consent.
High street retailers also did not carry out adequate checks when selling PPI, to ensure the product was something the consumer needed or was eligible for. This has resulted in many consumers being entitled to compensation for mis-sold store card PPI.
Store card PPI was a lucrative earner for high street retailers as they were often sold to customers who couldn't pay for their products in one go. This meant that the consumer was charged interest between 18 and 30 per cent, with PPI charges calculated as a proportion of the debt on top.
In 2011, government regulations* were introduced that banned upfront discounts and commission being added to store cards. It also made it mandatory for consumers to be given a seven-day cooling off period after the sale of a store card.
It is worth getting a FREE PPI CHECK to see if you had PPI which you could reclaim if it was found to have been mis sold.