I have no doubt that many thought that the insurance was a sensible precaution against being unable to pay as a result of sickness or redundancy. I never did. But the fact remains that the vast majority of these contracts were sold inappropriately to the self-employed who would never be able to make a claim and also that the commissions taken by the banks were not transparent and totally excessive and therefore unfair. Additionally many were told that the loan was conditional on taking out PPI. I remember coming under considerable pressure to sign up.
There was so much wrong with the way PPI was sold that it was inevitable that there would have to be compensation when the facts became known.
Frog in a tree