After the recent PPI scandal has taken place, many people might be wondering the worst banks were during the period. This is a justified question as we are usually very protective of our finances and want to ensure that our money is safe the hands of our bank.
It’s safe to say that there definitely are some banks that are worse than others and there are also some that can be trusted more than others. Throughout this article we’ll be giving you a quick overview of payment protection insurance and will also be telling you about one of the most notorious lenders in the financial industry.
An Overview of PPI
Payment protection insurance was first introduced to the industry in the 1990s and has been the cause of a lot of problems ever since. Many people disliked payment protection insurance right away as they could tell that it had a high chance of being mis-sold, and they was right!
A decade or so after the initial release of payment protection insurance was when the regular consumer started understanding all about PPI and how it was being mis-sold almost every day to people from all walks of life.
Even though there are some great benefits to payment protection insurance and in the right instances and can be proven to be very useful – it was simply mis-sold in many cases and people are now fighting against the banks and lenders in order to get their compensation that they deserve.
The Most Notorious Banks and Lenders
Since the payment protection insurance scandal has occurred, many people are now asking themselves who exactly are the most notorious lenders on the high street right now. Should people be moving their money to a safer bank who hadn’t mis-sold a lot of PPI? Even though there are some banks that might be worse than others, moving your money around might not be too much of an issue, although if it improves your peace of mind then go ahead!
It’s hard to say exactly who the notorious banks are throughout this whole scandal but it’s safe to say that one of the worst banks that we have come across has been Lloyds. They have set aside in excess of £4 billion in order to deal with payment protection insurance compensation claims – this is definitely not a small number and anyone who is currently banking with Lloyds might be having second thoughts right about now!