Introduction
The PPI scandal, to date, resonates on many a UK consumer’s minds. As most people in the financial sector, and the insurance industry, continue to come to terms with the loss, others remain in a complete state of discombobulation concerning all that transpired. Capper (2013) explains that a payment protection insurance (PPI) may have been sold to clients erratically in the scandal. Essentially, a PPI, also called credit insurance, refers to a product of insurance that assures a credit compensation suppose the borrower loses a job, dies, or faces any other circumstances that disables their ability to service their debt. The PPI scandal started around the year 1990 with a single view to enabling the consumers to repay their borrowings in a case they lost their jobs or became ill in the course of the repayment. Technically, the PPI was not meant to become a scandal, but it did anyway. Critics and activists claim that lenders and banks, began to take advantage of the sales in the face of the lucrativeness of the accrued profits. While this may seem right in the sense of business, reports have revealed that this was entirely unnecessary given that just 15% of the PPI profits got back to the lenders; that is, the bankers have won significantly with a reciprocal loss for the lenders (Capper 2013). On this note, it is projected that anyone who took any form of credit in the last 15 years, or so, has been miss-sold PPI.