The PPI Premium Con Explained. How PPI is mis-sold to consumers. www.ppiadviceline.co.uk Payment protection insurance has been widely mis-sold across the country, pocketing thousands of pounds from consumers. PPI is often sold as a ‘must-have’ insurance policy on the back of a loan or credit. The payment protection is designed to cover you if you fall ill, have an accident or lose your job and can’t make repayments on loans or credit cards. However consumers are paying out more than necessary for a policy that might not even be valid for their personal circumstances. Many banks and lenders have been making a large profit on this insurance, which can often be hidden amongst the charges and fees which the consumer has to pay. Angry consumers can now claim back for the money they have been swindled out of. Over the last few years, this high premium con has come to light leaving many high street banks and lenders to be exposed. They tend offer high incentives to their sales staff in order to people into buying cover. The Office of Fair trading exposed sales staff for telling borrowers that the cover was compulsory or including the price in the quote without explaining it was optional. The crack down on mis-sold PPI has begun and thousands of people are now claiming back for money which has been unknowingly taken from them. With complaints rising about PPI and more people winning claims don’t delay seeking the compensation that you rightly deserve.