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Personal Loan Protection Plan Premium

Many payment protection plan premiums have one thing in common - they are extremely expense. It is a well-known fact that has been made known in large part because of the payment protection scandal that PPI premiums can be as high as 50% of the amount being borrowed. A personal loan protection plan premium, therefore, is often going to be very pricey. Whilst some personal loan protection plans only cost 13% of the loan amount, some of them, as mentioned, can be as high as 50% or more. Since the personal loan protection plan premium is so very high one would hope that the cover is worth the price. Unfortunately, this is usually not the case. In fact so many personal loan protection plans have been mis-sold that very few of them provide the cover for which they were designed to do.

Lenders Use Every Trick in the Book

If you understand right up front that a personal loan protection plan premium is going to be extremely high and that the lender or loan officer will profit from the sale then you will understand why, in the past, some sales people used underhanded methods to try and boost sales. This constitutes mis-selling payment protection insurance and entitles you to make a payment protection claim against mis-sold PPI.

Why Is the Cost of Loan Protection so Expensive?

As one of the reasons why the consumer's advice Bureau has launched a massive campaign against the lending industry because there really isn't any reason for a personal loan protection plan premium to be so high. Not only are lenders and insurance companies charging altogether too much for this cover they are misrepresenting the insurance cover, leading people to believe it does more than it can. The very people who could benefit from payment protection insurance are the ones usually left standing out in the cold. In the end, payment protection insurance isn't really very reassuring after all.

Whilst it may take a bit of effort there is a bright side. Largely due to the efforts of consumer advocate groups the government has legislated that UK consumers can file a mis sold PPI claim against the lender. In this way he or she would be able to claim back money spent on the personal loan protection plan premium.

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