Mis selling PPI
This is the mis selling of single premium insurance policies sold alongside car loans, homeowner loans and credit cards, usually taken out to cover the loan premiums should the customer not be able to keep up payments– due to redundancy, illness, etc. There are as many as twelve reasons that that enact the mis selling, with the two most common being • the customer was pressured into taking it.
• the term of the PPI is different to the term of the loan. PPI is considered mis sold if the lender or broker was guilty of just one of the twelve misdemeanours. PPI refunds are up to 20% of the value of the entire loan. The sale of PPI is such a scam, that it has now been banned by the FSA.