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Claim Back Your Personal Loan Protection

It used to be that anyone wanting to take out a personal loan had to have exemplary credit but anymore because of payment protection insurance the rules have changed. It's not because lenders are getting any more trusting and it certainly isn't because PPI provides realistic cover its simply because lenders have become altogether too greedy. Personal loans are now much easier to procure because lenders are making a bundle off mis sold payment protection. Even though it is possible to claim back your personal loan protection that you were mis-sold it can be a real problem doing so.

Why Lenders Are Approving More Personal Loans

Because personal loans are not back by security they have been traditionally hard to qualify for any person had to have exemplary credit in order to take out a personal loan. A personal loan then is backed by the borrower's signature, his or her word that they were good for the money. Very few people would qualify for this type loan unless the lender had something up his or her sleeve. On the other hand anyone applying for a mortgage loan wouldn't have to have such great credit, good credit yes but great credit no, because the home or property is the security that backs the loan. Lenders have begun misselling personal loan protection as a way of getting more money out of people taking out personal loans and somewhat eliminates the need for security. Many times lenders don't even tell borrowers that they are tacking on PPI which should be optional, not mandatory. When you discover that your personal loan also carries expensive PPI first thing you may want to do is claim back your personal loan protection.

The Problem with Personal Loan Protection

The reason why you can claim back your personal loan protection is because your lender most likely mis sold PPI to you, and that's the problem in a nutshell. Lenders are telling people that need only way they can qualify for a personal loan since they have less than perfect credit is to carry payment protection insurance. This is not only unethical it is also illegal. Loans in the UK are to be based on either credit or an underlying security and sometimes both. You can claim back your personal loan protection insurance if it was mis-sold in this way or any obvious other qualifying reasons for pronouncing it mis-sold. Perhaps you are over 65 years of age and wouldn't qualify for the cover and then again may be you are only temporarily employed or self-employed. If you were amongst be excluded people at the time your lender mis-sold PPI to you and your lender knew that you were amongst these groups then that is blatant misselling of personal protection insurance. To claim back your personal loan protection insurance you will need to file a claim against the lender. This is the second problem with loan protection insurance and that is the fact that most people who carry it will one day need to file a claim to have their money refunded.

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