Personal Loan Protection Insurance
Most consumers worry whether or not they will be able to make payments on any
outstanding debt. This would include not only household expenses but many
personal loans and secured loans that need to be paid timely before they go into
default. Personal loan protection insurance, on the surface, sounds like a very
good cover to have. Lenders sell it on the idea that the insurance will kick in making payments if we are unable to do so as a result of losing
your job or becoming too ill to work for any extended amount of time. Unfortunately, personal loan protection insurance doesn't often work as it should since so many people are excluded from being covered for a great number of reasons. This is that lenders know this and simply failed to disclose this information to the borrower before he or she opts to purchase payment cover. This is an obvious example of mis sold cover and a good reason for reclaiming PPI.
Misleading Sales Tactics
Knowing that the consumer is concerned about not being able to make payments from time to time, lenders who want to increase their bottom line
could prey on those fears. In the past, some used misleading sales tactic to
make a sale. Keep in mind that personal loan protection can add as much is
13%-25% of the loan amount on top of what is already being borrowed. Lenders have been known to sell personal loan protection insurance to consumers who are unemployed, self-employed, temporarily employed and even to people who have pre-existing medical conditions which would exclude them from cover.
To claim back bank charges that resulted from mis sold PPI is necessary to file a claim directly with the lender. Keep in mind that banks are
sometimes slow to review claims, but you do have the right to file an appeal with the Financial Ombudsman Service
if your claim is rejected.
Professional Claims Advice
The PPI Claim Company is registered with the Ministry of Justice and has
thousands of satisfied customers. To get more information and assistance filing a PPI claim on personal loan protection insurance that was mis sold, talk to a claims specialist on 0207 471 2000 There is no time like the present for filing that claim.
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