During the lending boom, PPI was mis-sold to a huge number of people. It was an add-on product that brought substantial profits to the financial sector but very little in the way of benefits to the customer. Scandalously, it was even aggressively sold to public sector workers, including those in the NHS who already had sickness cover from their employers, not to mention a guarantee against compulsory redundancies.
The policy itself should never have even been offered to many thousands of individuals, but it was not only offered, it was persuasively pushed by sales teams that seemed to care more about their targets than they did about fair play. The end result was NHS and other public sector employees spending significant sums of money on something that was little more than a white elephant.
Even after all these underhand tactics came to light in recent times, there are still some people who seem reluctant to seek compensation for the mis-selling that took place on an industrial scale. The harsh truth is that banks, building societies and other credit providers played on the trust that we had in them at that time, and took advantage of it. It wasn’t right, and something should be done about it.
Fighting for some well-deserved justice
Beat the Banks have campaigned strongly for justice for NHS workers caught up in the PPI scandal. We think it was outrageous for the financial sector to sell redundancy insurance to people who couldn’t be made redundant, and to push sickness insurance on individuals who would have been paid anyway. Those lenders who were the most aggressive of all really should be ashamed of themselves.
Personal Protection Insurance was added on to mortgages, loans, credit cards, catalogue accounts and store cards, and the major players in UK finance employed sales teams who were encouraged to be as aggressive as possible in order to sell, sell, sell. Looking back now, it’s easy to see why this time is viewed as a somewhat dark period for the relationship between the financial sector and its customers.
People who took out any form of credit during the lending boom were regularly pushed in an aggressive manner towards taking out a PPI policy. If they said no, they were often referred to a senior manager for yet more cajoling. As if all this wasn’t unseemly enough, it should also be pointed out that many people were given PPI without even asking for it, and sometimes weren’t even told it had been included.
Beat the Banks continue to fight on behalf of all public sector workers, including those in the NHS. The PPI situation should never have been allowed to develop, and that’s why people are rightly seeking compensation now. The deadline for claims is coming soon, so it’s important to contact our specialists and start the process. If you were thinking about making a claim, we can do it on your behalf, so call our friendly team today on 0800 193 1234 to find out more.
We hope to hear from you soon.