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Missold PPI 'is unlawful'

Charging customers for payment protection insurance (PPI) when they were unaware of the purpose of the cover is unlawful.

This is according to a report in NWN Media publication the Leader, which explained PPI charges were often incurred as part of the deal when members of the public took out a loan, credit card or mortgage.

It is considered missold when the recipient of PPI believed the service they signed up to receive is different to what they were actually given, or if they were unaware they had to pay for the cover through their monthly bank charges.

However, PPI could enable borrowers to ensure they will be able to repay their loans, even if they were unable to find the required funds due to illness, redundancy, disability or death.

"Paying back missold PPI promptly must be a priority for lenders that made billions from this deeply flawed product," executive director of consumer advocacy group Richard Lloyd recently stated.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801346766-ADNFCR

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