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Claim Back Loan Insurance

Personal Loan PPI

Finding a lender who will issue a personal loan during hard economic times is not an easy task so the lending industry has been using this against consumers when trying to sell personal loan PPI. Whilst you may believe that payment protection insurance will help you make payments if you suddenly lose your job and are unable to pay for your loan for a finite period of time this isn't always why the lender is trying to sell you the cover. When you understand just how expensive PPI is and how much the lender stands to gain by selling you personal loan PPI you will understand why they are coercing consumers to carry this insurance.

Why Lenders Push Personal Loan PPI

It may not be readily apparent why vendors push personal loan PPI but once you understand the economics of it, it will become clear quite quickly. Payment protection insurance can be extremely expensive and it isn't paid for in the usual way that insurance premiums are handled. Personal loan PPI is paid in a one-time premium that is added to the loan at origination. The cost of PPI can run anywhere from 20% of the amount being borrowed to more than 50% of the amount of the loan. Each month your loan payment will be bigger because you will be paying part of the premium plus interest. However, the lender receives interest on the premium you are paying and perhaps even got a significant commission from the insurance provider for selling that product. This is why many people believe lenders are pushing personal loan PPI.

What You Can Do to Claim Back Mis Sold PPI

Because it has been in the news so much, most everybody in the UK knows that they may be entitled to a refund if they were mis-sold PPI cover. The key to claiming back bank charges is to prove that the lender knowingly misled you or deceived you in some way so that you would be willing to purchase PPI. Perhaps you were amongst individuals who are always excluded, such as those who are self-employed, and perhaps just added PPI to the loan without your permission or knowledge. In any case what you can do to claim that will mis sold PPI is to file a claim against the lender to claim back PPI.

Just like any other type of PPI personal loan PPI is expensive and often does not provide the cover it was intended to provide. If you feel that you have been mis-sold PPI you can file a claim against the lender. Since you have probably paid a lot of money into it by this point in time you wouldn't want to forget about it so your only option is to file a claim requesting the lender refund PPI money. For further information on filing a personal loan PPI claim against your lender, call 0207 471 2000.


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