Payment Protection Insurance is one of the most profitable products offered by lenders. Most people think the banks make the majority of their money from the interest charged on credit cards and loans but it may come as a surprise that these are not among the top earners. When it comes to insurance, for every 100 charged by a lender there is only a 15% chance a customer will ever make a claim against them, and even if they do most lenders wriggle out of ever paying up due to exclusions in the small print which prevent consumers from qualifying to reclaim their PPI.

Payment Protection Insurance is useful there is no doubt. The idea is that if you are ill, it will cover your credit card payments or loan and mortgage payments – for example if you lose your job or are taken ill. Unfortunately the Banks & building societies in the UK have been selling policies that exclude the vast majority of people who purchase them leaving customers out of pocket and feeling ripped off.

You have probably seen the news over the tv, the world wide web as well as several print sources regarding the fiasco regarding payment protection insurance and the buyers which are claiming back ppi payments as well as charges. This has ended up a continuous predicament for the past many years inside the UK.