Payment Protection Insurance (PPI) has been banned by the Competition Commission after it went ahead with plans to ban the sale of PPI when it is attached to a personal loan or a credit card.

The Competition Commission said that credit card companies and personal loan providers have an unfair advantage as they can sell PPI at the same time someone signs up to a personal loan or credit card.

Payment Protection Insurance has been widely mis-sold with worst cases involving the PPI premiums being over 50% of the amount of money borrowed. Banning the practice of selling PPI alongside a loan or credit card will undoubtedly encourage much more price competition and a fair market for consumers.

It is also likely that a cooling off period will be introduced later this year to ensure that consumers who sign up to a loan or a credit card have enough time to consider alternative products and providers.

Pinto Potts Solicitors are specialists in dealing with compensation claims for mis-sold payment protection insurance, if you have a loan or credit card with PPI attached to it we may be able to help you.

For free, confidential advice about making a claim, call Steven Violet or Lizzy Cox on 0800 316 4434.