Fighting Back Against Financial Fraud: PPI Claims and Other Examples
For people outside of the European Union, PPI may be an unfamiliar idea. But understanding it is a good way to learn about modern financial fraud, as it pertains to the average consumer.
PPI stands for “Payment Protection Insurance”. People who have sought ppi claims did so because of strange behavior found in their bank accounts. The culprit was insurance agencies automatically drafting payments for insurance that the people in question did not know they were paying for.
These individuals reported PPI claiming that they were signed up for the service without their knowledge or consent. Upon closer inspection, the authorities discovered that these insurance policies initiated when these individuals signed up for large loans, like mortgages and auto loans.
At first, the people who claimed PPI seemed like they had just made a mistake. But as more plaintiffs came forward, the world started to understand that there was a major financial scandal in the works.
Banks colluding with insurers had hidden PPI insurance agreements deep within the voluminous pages of mortgage and other lending documents. People who signed up for these loans simply signed pages when asked. Anyone who has filled out such documentation knows that hundreds of pages are involved. You can’t read everything…