Personal Loan Claim
One of the aspects of the personal loan is that it is usually not secured so the
person must first of all have good credit and secondly be willing and able to
pay for a loan that may carry a higher interest rate. Since personal loans are usually more expensive than secured loans such as mortgage loans or automobile loans it
can already be difficult enough to make timely payments. However, when payment
protection insurance is added on top of an already high interest rate it makes
it all the more costly to pay for that loan. The situation is made even worse if the policy is mis-sold as it means the customer is paying a high price for something they may never be able to use.
The Cost of PPI on Personal Loans
Payment protection insurance is just as expensive on personal loans as it is on
any other type of loan and each loan will cost more or less depending on the
amount which was borrowed. The cost usually runs anywhere from 13% to 25% of the total amount borrowed. If a personal loan is taken out for an amount of 10,000 pounds then the consumer can expect to pay as much as
11,300 to 12,500 pounds when adding the cost of PPI on to the borrowed amount. Not expecting to make such high payments every month some consumers realize they have been mis-sold PPI simply because of those high payments. It is often difficult to cancel the loan insurance so,
for some, their only option is to file a personal loan claim against the lender for a refund. If personal loan claim is handled in the same way that any other claim against mis sold PPI is handled.
Personal Loan Claims against the Lender
The number of personal loan claims against lenders is growing by the day because public awareness is also growing. Consumers in the UK are learning to check every single loan they have taken out within the past decade to see whether or not they have been mis-sold PPI cover. A PPI claim
should be reviewed in a reasonable amount of time, usually eight weeks.
If you need assistance making it personal loan claim against a lender because you were mis-sold PPI cover you can and list the assistance of The PPI Claim Company. There is
an experienced claims team that will handle filing all claims and carrying on all communications so that everything is handled in a timely manner. To find out more about the services available you can contact the claims team on 0207 471 2000
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