If PPI was meant to help people as it undoubtedly was, a lot of people were cheated of its benefits because of missold PPI by bankers.
Bankers took it up themselves to force sales of the policies with the end result that thousands are flocking to make PPI claims, often making use of services and help provided by solicitors and claims agencies.
PPI has turned out to be a major disappointment for many of those who happened to buy a policy over the last six years when they approached banks for a mortgage, loan or credit card. In fact, anyone who is still paying off any of these three right now is likely to have been a victim of bankers who fraudulently sold them a policy.
These people were told that without PPI, they could not avail any of these so they were more or less forced to sign up for it. They were convinced by the argument that in case they fall sick, lose their jobs or are involved in a serious accident PPI would cover for them when it came to the monthly payments.
This sounded fine to them except many of those when they signed up were ineligible for PPI from the very beginning. They were the likes of retirees, the self-employed or jobless, which did not entitle them to a PPI policy. Even routine matters like background checks on their medical or employment histories were never carried out which would have excluded them right away.
This proves that banks were intent on selling a policy no matter what.
