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When did PPI stop?
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EssexResident
Posts: 1 Newbie
Can anyone advise me when PPI stopped being sold (sold or mis-sold) and also what the youngest age is that banks could have been mis-selling PPI to?
(I have done my best to check to see whether these questions have already been answered elsewhere, so apologies if they have and I've missed them)
(I have done my best to check to see whether these questions have already been answered elsewhere, so apologies if they have and I've missed them)
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Comments
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It's still available to buy today.
It would have only been sold to someone old enough to be considered for a loan.0 -
PPI hasn't "stopped", it's still retailed today on mortgages.
PPI on loans and credit cards ceased being available from the major banks around 2009.
No one under the age of 18 should have been sold PPI (or offered a loan or credit card)0 -
Can anyone advise me when PPI stopped being sold (sold or mis-sold) and also what the youngest age is that banks could have been mis-selling PPI to?
As said above, some types of PPI are still available to buy today. The issue was not the product (although some exceptions apply) it was the method of distribution. Today, you can still buy the good types of PPI.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The sale of general PPI (e.g. on credit cards, loans etc) was largely stopped by 2009/2010 when the FSA (now the FCA) regulated the sale and made it so you could no longer sell PPI alongside the product (October 2010) but the miss-selling was already being looked at by then and the regulation of all sellers was in force by 2005 so from 2005 you'd be much less likely to be miss-sold and 2010 latest you would no longer be buying it in the mainstream market outside of MPPI
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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