It was widely
mis-sold. PPI was unsuitable for some people, others did not realise it was optional or, in some cases, they did not even know they had a policy.
Northern Rock customers who believe they were
mis-sold PPI can still make a claim even though the building society closed for good in 2012.
THE deadline for claiming for
mis-sold PPI is August 29 so if you haven't made a claim you need to do it now - if you think you may be eligible.
Manchester-based Property Alliance Group (PAG) had claimed that the bank had
mis-sold interest rate derivatives which were referenced to Libor.
"There are still thousands of people who don't realise they've been
mis-sold to, it's crucial that they scrutinise their pension investments."
PPI was systemically
mis-sold by banks and building societies who for decades used hard sells or even lies to add it to loans, credit cards, mortgages and other forms of debt - already well over PS27bn has been paid back.
On a five-year PS10,000 loan, 'Plevin' compensation would typically be PS500 and a lot more if you were
mis-sold in other ways.
So when a high street bank is found to have systematically
mis-sold thousands of investments - usually preying on older customers with savings to invest - the level of outrage it sparks is understandable.
More than PS22billion has been paid out in compensation since 2011 to 12million people who were
mis-sold payment protection insurance.
More than PS22bn has been paid out in compensation since 2011 to over 12 million people who were
mis-sold payment protection insurance.
Yet that in itself doesn't mean you were
mis-sold. It just means it was crap and sadly that's not the same thing.
MARKET data suggests that one in five of us holding a packaged bank account have been
mis-sold the account.
