Reclaim Mis Sold PPI Against Dorothy Perkins
Store cards issued in the early 1980s and into the 1990s proved popular with consumers, eager to visit shops like Dorothy Perkins and purchase the latest fashions. The cards were extremely convenient, enabling customers to spread their payments over a longer period of time, but they were even more popular with the companies themselves because they often contained a little extra bonus.
Payment Protection Insurance (PPI) was sold enthusiastically and sometimes rather too aggressively to store card holders by a number of once-trusted high street institutions, and Dorothy Perkins was one of them. The insurance itself was often of little or no value whatsoever to the consumer, but companies continued to push it without worrying about such minor details.
The bottom line became the only thing that really mattered, as more and more profits came in via PPI. One size fits all policies meant the lenders didn’t need to spend money on in-depth training courses for staff members, and because the commissions were high they could offer tempting incentives to sales teams so they could push ever harder to tack PPI onto store card accounts.
For banks, building societies and other credit providers, PPI became a very welcome godsend. Interest rates had tumbled during this period, reducing profits in the process and forcing lenders to look elsewhere for easy, reliable income that brought with it very little risk. PPI ticked all the right boxes, so a selling frenzy ensued over the next few years. Whether consumers needed it or not didn’t seem to matter much at all.
Dorothy Perkins is one of the more familiar names in our high streets, having grown into a national and then international brand since its early days back in the first part of last century. These days, it’s a part of the huge Arcadia Group, but it still trades under the Dorothy Perkins name. Store cards that carried that all-too familiar logo often included PPI policies which brought in substantial income as the economy started to shrink.