Time was when Payment Protection Insurance (PPI) was all the rage when taking out personal loans, or even mortgages!
Theoretically it was, and still is, a good way of protecting the loan repayments perchance health problems develop which prevent you from working, or you are made redundant. The problem is that not everyone is eligible and it needs to be discussed and understood to assess the benefits.
However, practice was very different to the theory, and many loans were taken out where, in pursuit of commissions and bonuses rather than the best interests of the customers, lenders made the Payment Protection Insurance a condition of the loan – whether it was right for the borrower or not, and many borrowers have found that the policy is not worth the paper it’s written on!
Many borrowers did not understand what they were being sold, or that the PPI premium was charged to the loan, inflating the borrowed amount and of course that interest would be charged on that premium for the life of the loan.
- Have you taken out a loan which also has PPI?
- Were you led to believe that PPI was a compulsory condition of the loan, or that taking it out would enhance your chances of getting the loan?
- Were you told that you would not get the loan if you did not take out the PPI, or that the PPI was a part of the loan and you had to have it?
- Was the PPI added to your loan without your knowledge?
- Did you repay your loan before the expiry of the loan agreement, but did not receive a refund of the PPI?
- Maybe you topped up your loan at some point and the PPI was added automatically without further discussion with you.
If any of these situations ring a bell with you, you live in England or Wales, and you took out the loan within the last 6 years (or the loan was still running after 4th April 2008), you may have been missold the PPI and be eligible for a refund of the premium costs and the associated interest.
Speak to our team of specialists at National Money on 08448 247 260!!
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