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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