PPI scandal is something that is known to everyone, but when you actually look closely, you would find that PPI is actually a useful tool that was badly designed and marketed. And, that was the real reason why PPI is so widely defamed. The main reason why the PPI was widely mis-sold was because the customers didn’t knew much about it and the banks never tried to educate the customers.
The mis-selling was happening on such a large scale that the agents of the banks were even selling it to the people who were not eligible to get the benefits of the PPI. This was a complete breach of trust that the customers put on the processes of the banks. These customers were then never able to get the benefits that the PPI entailed, even when the banks sold it to them and took money for it. Here is what you need to know more about the eligibility of getting the benefits of PPI, and other facts associated with it.
- The people who are self employed or people who fall into the category of senior citizen are not eligible for the PPI benefits.
- The under-age people or anyone below the age of 18 cannot buy PPI.
- The people who are unemployed or out of job or do not have any source of income cannot buy PPI and are not eligible to get the benefits provided by PPI.
- The people who have signed up without understanding the clauses of PPI and who do not fall under the eligibility criteria would not be able to receive the benefits when needed.
Payment protection insurance scandal basically aimed at hitting at the lack of awareness of the consumers, which is why it succeeded on the scale it did. The people who didn’t knew much about the PPI or were told that buying PPI is necessary, didn’t complained or bothered to argue, and simply trust bank on their face value.
And, this is the reason why it is always encouraged that invest your money on any financial purchase after you have done your research and know all about it, so that you do not end up spending more than you should.