PPI: Commission Based Text Messaging

Picture 11I’m sure I’m not alone in being targeted by compensation companies via text. With the PPI fiasco came an unprecedented rise in PPI claims. This subsequently led to rogue companies contacting the masses whichever way they could.

Designed as a “safety net” of sorts for loans and credit cards, PPI has become the antithesis of what it once was: instead of providing peace of mind, the scandal has highlighted the misplacement of trust that we the consumer place in big institutions.

Just last week, I received a text from one of said PPI compensation companies promising me a substantial payout for PPI that their records show was mis-sold to me 3 years ago. Part of me was intrigued. However, thankfully my better conscience stepped up. Research has taught me that the majority of these spam texts are coming from overseas where companies work on a commission basis to round up potential claimants often unethically by accessing confidential records.

The BBC reports one claimant received £65,000 compensation for mis-sold PPI however LloydTSB, who were one of the first banks to invite claims, reports that 25% of claims have no basis whatsoever – merely people trying their luck.

As a compensation nation, is Britain simply the victim of another scam or do you believe that the PPI scandal is real and one that every loan/ credit card holder should investigate?

Do you take heed of mass-marketed text messaging? I’d love to hear your views.

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