Loan Insurance / PPI Misselling Facts

Did you know?

• The Citizen's Advice Bureau estimates that annual premiums on payment protection insurance total more than £5 billion.

• The Citizens Advice Bureau reports that PPI premiums can add between 13% and 56% to the price of a loan.

• Statistics reveal only 4% of people ever claim on their PPI policies and that one in four of these claimants is refused. Small print exclusions and administrative nightmares are usually to blame.

• Over 7 million payment protection insurance policies are sold every year. They generate £250 to £300 million in profits for some of the big banks. One well-known bank makes its profit exclusively from PPI.

• Only 15% of the money generated by payment protection insurance is paid back in claims. In comparison, motor and household insurance policies pay back as much as 50%-70%

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