OSCENG

These days there is a ‘for Dummies’ book for literally any subject. Perhaps someone should write a Payment Protection Insurance book for Dummies simply because the subject matter is extremely confusing and totally out of control at the moment. In a nutshell, somewhere along the line lenders started selling loan protection on any new loan they wrote and oftentimes the borrower didn’t even know they were paying for this cover! It is a seedy sales tactic used by banks, mortgage and credit card companies and other lenders in an effort to increase their bottom line.

Unfortunately, the high cost to consumers was something that should have never happened, at least without their knowledge or consent. There are actually so many conditions and exclusion attached to every single PPI policy that more often than not it is impossible to make a successful payment claim on that cover. As a result, consumers are now being forced to seek PPI refunds on money they should have never paid out. A book entitled “Payment Protection Insurance for Dummies” just might not be a bad idea.