Teachers most likely to be hit by PPI mis-selling
Teachers are among the professions most likely to be affected by payment protection insurance (PPI) mis-selling on credit cards, loans and mortgages, experts claim.
Approximately three million people in the UK have been affected by the current PPI mis-selling scandal but experts from Financial Claims Management Company, Randall & Vickers, say that people working professions like teaching are far more likely to be affected.
The specialist financial claims management company compiled a list of the top 10 professions most likely to be affected and at the top of the list were teachers, nurses, civil servants and police officers.
Michael Pilgrim, director of Randall and Vickers, said: “People working full time on permanent contracts in the public sector, such as teachers, get their full salary for up to six months whilst on long term sick leave. This would significantly reduce their need for PPI cover and is something that those selling PPI insurance policies should have checked.
“The public sector is one of this country’s biggest employers so a huge amount of people are covered by this and have purchased PPI essentially ‘doubling-up’ with cover they wouldn’t need are therefore would have been mis-sold the policy.
“Teachers are by far the largest profession working in the public sector and as the number of people working in the sector increases, so too does the likelihood of people being affected by PPI mis-selling.”
Over the last 30 years, people who took out PPI policies on mortgages, credit cards, or personal loans have been widely mis-sold the policies because they were self-employed, didn’t have the policies explained to them, or didn’t understand the policies.
Mr Pilgrim added: “It is thought that around three million people in the UK have been affected by the mis-selling crisis, across all sectors and ages. But it’s clear that people working in some industries have been affected more than others.
“We hope that our research has highlighted the scale of the problem and that it will encourage people working in these industries who have purchased PPI to check whether they have been affected.”
Overall, the scandal is expected to cost banks around £8billion, though there are fears that even that figure might be a conservative estimate as thousands of new complaints emerge each week.
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