Payment Protection Insurance, was a financial product sold to millions of Brits alongside a loan, credit card or mortgage. The deadline for people making claims expired in August 2019, but banks could now be facing more after a series of recent court rulings found the products were ‘unfair’, focusing on the commission fees earned from insurers.
Which means millions who were happy with their policies could now be owed money. People were told PPI would cover their debt payments if they died, became ill or disabled, lost their job or were unable to repay debt for another reason.
The problem was that there was also a series of exclusions, meaning it was sold to people who could never claim on it - while commissions and profits were high.
Read more on dailyrecord.co.uk