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...

Payment protection insurance also known as PPI, was designed to cover your loan or credit card repayments if you became unemployed, had a long-term illness or were involved in an accident. PPI can provide valuable protection for people who have lost their jobs. However, over the past few years insurance policies have been widely mis sold, as they provided huge profits for banks and lenders.

Advisors would mis sell their policies by not fully explaining what the insurance covered and tel...