Store Cards Probably The Next PPI-Scale Scandal

June 7, 2016
by admin in PPI News

Debenhams, along with other shopping chains, are possibly the next-in-line to refund consumers for mis-selling certain financial products similar to payment protection insurance.

According to consumer groups, Debenhams had mis-sold a GE Capital payment protection insurance along with their membership credit card from four decades ago. The old insurance policy was issued as consumers agreed to be sold the policy on paper.

Consumer groups pointed out that retail employees deliberately rushed consumers so they can miss the opt-out box in the form. Some filled out the forms for the consumer, earning them the insurance commission for themselves.

Experts said only few complained about Debenhams’ mis-selling because most consumers saw ‘hidden’ items in their monthly charges, one of which were mis-printed PPI repayments. Some didn’t know where to file their complaints.

Experts speculate other stores to have followed suit. They encourage any consumer who had taken a card from any mall and establishment to consider making a PPI claim.

About 300,000 staff at different stores sold GE Capital PPI policies. In 2005, the bank sold about 850 policies, which may par the number of Packaged Bank Accounts – another upcoming PPI-level financial scandal.