Claim Loan Payment Protection
The Financial Services Authority (FSA) have banned single premium payment protection insurance describing it as a 'toxic' product
Through high pressure sales tactics many staff sold payment protectionto consumers when its cost far outweighed its benefits and for many customers they would never even be able to claim on their policy should they be made redundant or become sick.
There are many reason's to claim back loan payment protection insurance - here are just a few!
- Single Premium Payment Protection Insurance, mainly sold on a secured and unsecured loans, has now been banned by the Financial Services Authority and is an illegal insurance product.
- YSeveral large banks such as Alliance and Leicester were fined up to £7 million by the FSA for PPI mis selling as many customers are paying for a product that is not needed.
- There are approximately 60,000 PPI compensation claims submitted every month
- You could be paying an extra 13% to 56% on top of your loan for PPI and you may not even know about it!
- Many policies provided cover for just 5 years even though the loan may have been for 20 years - plus you pay interest for the additional 15 years even though you are not covered by the insurance.
- Many customers who were a student, self employed, unemployed, retired or worked part-time may never have been able to make a successful claim on the policy should they need to due to policy exclusions which may not have been made clear.
- Making a claim will not affect your credit rating or loan and claiming can reduce your loan repayments significantly for the remainder of the term.
Customers may have been buying PPI in the false belief that it will protect them even though the policy is not providing any protection.
Call our PPI Experts to see if you can make a successful claim of your loan payment protection insurance on 0845 371 0703 or Submit your Claim