It may have been a lack of banking knowhow which resulted in so many people being duped by bankers and made to purchase PPI when taking out a loan, a mortgage or just applying for a credit card.
Because of this lack of knowledge of what goes on in banking circles, people have been taken for a ride by unscrupulous elements and are now seeking PPI compensation for the money they have lost. Their policy premiums were being added to the interest rate on the loan repayments and many saw they were paying way above what they could afford.
Once the bankers were caught out, PPI claims went through the roof as people realized they were ripped off simply because they were fooled by smart bankers. Now claims firms and solicitors have steeped in to help people make their claims. A lack of banking knowhow caught them wrong-footed and now they are paying the price, which is a sad turn of events.
Bankers for their part have the knowhow but have not been using it to good effect. On paper, PPI sounds good but it being used as a means of pretty much cheating people is simply unconscionable. The knowhow could have been put to better use by educating people on the benefits and drawbacks of PPI and the bankers could have then assumed an advisory role to make sure people made the right decision.
But this clearly did not happen leaving many financially helpless people in the lurch.
