PPI is an insurance often sold with a bank loan or credit card. It is purchased to protect your repayments should you find yourself unable to work for any reason, the general assumption being that your PPI will cover the repayments of your loan if you ever find yourself in this position. So it must be a good thing, yes? Well, actually it’s been discovered that a high percentage of PPI policies were in fact worthless, and would have been of little benefit to a person making a claim. I...

Up until 2011, many lenders, including high street banks and credit companies, mis-sold a staggering £5 billion a year worth of payment protection insurance. The insurance, intended to protect payments in the event of accident or unemployment, was mis-sold when borrowers didnt want or need it, or when they were given the impression that it was not compulsory. When the mis-selling of PPI was eventually ruled as illegal, lenders were told to repay those who had taken out the policies.

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