Millions of policies, billions of pounds paid in compensation, and what feels like gazillions of nuisance calls – PPI has made a huge impact on our financial lives.
PPI – or payment protection insurance – was designed to cover loan repayments when policyholders fell ill, had an accident, or lost their jobs.
Up to 64 million policies were sold, mostly between 1990 and 2010, but a good proportion of them were actually mis-sold to people who did not want or need them, or who would not be covered.
Banks, building societies and other credit providers have paid an astonishing £36bn in compensation to those who were mis-sold PPI and made a claim. The typical payout is £2,000.
New claims end on 29 August, but the impact of the mis-selling