HFC have been fined a record £1,000,000 for failings over PPI

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Payment Protection Insurance (PPI) is normally sold to customers when taking out a loan promising that payments will be paid by the insurance company if the customer is unable to meet the payments due to ill health, unemployment and a number of other reasons, making it appear very attractive.

The truth of the matter is that so many of these policys have been mis-sold, last year the Office of Fair Trading (FSA) declared that there are serious failings with the way PPI is sold.

click here to see the report

Millions of people have wasted their money by paying this insurance with very little chance of ever making a claim

Capital One and GEC Capital hav already been fined for mis-selling these policies

Most people cannot make a successful claim on their policy because of clauses that exclude them from claiming.

Premiums for PPI policies can add 13% - 56% to the amount to be repaid on a loan agreement agreement according the Citizens advice's survey (see table opposite)thereby getting people further in to debt rather than helping to prevent it preventing it.

More than £10 billion of policies have been sold and as many as 30 million policy holders may have a claim for compensation – ‘the Citizens Advice Bureau.’
Major companies such as CAPITAL ONE and LOANS.co.uk already fined for mis-selling.
It’s an incredibly successful £5bn per year industry with 20 million customers. Consumer watchdogs have called it ‘a protection racket’ and you may have been a victim – ‘BBC Money program.’
For every £1 paid as a premium, PPI schemes were paying out just 20p in claims – ‘BBC Money program’
PPI’s have been sold to people who can never qualify for a claim, e.g. retired, unemployed, self-employed.
PPI does not come cheap. Premiums can be as much as 56% of the amount loaned.