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Payment Protection Insurance Racket Uncovered
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Millions of borrowers take out payment protection insurance (PPI) to provide security and reassurance for times of crisis and help upkeep their payments on loans, mortgages and other commitments in the event of accident, sickness or unemployment.
The PPI market is massive, around seven million policies are taken out annually. This business generates an incredible £5 billion in premiums for the lenders and the insurance companies offering these products.
If you have ever taken out personal loans, mortgages or almost any credit agreement recently you will probably have encountered payment protection insurance, PPI can be a lifesaver for some people.
On the other hand statistics provided by the government reveal only 4% of people who take out PPI on their credit agreements ever claim on their policies and that 85% of those claimants is refused their claim.
About 60% of payment protection policies are sold in conjunction with unsecured personal loans, with the remainder being related to credit card, secured loans, store card and mortgage borrowing.
Up to 85% of claims made by PPI holders fail, many due to the policy being miss sold or unsuitable for the individual.
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