Title: Claim for PPI Refunds that You Have Borrowed with Personal Loans You can borrow either secured or unsecured loans with personal loan. It is easy to apply for personal loans through online lenders. But before applying for the same it is very important to understand the complications of this financial option. Borrowers generally avoid investigating on given terms and conditions and in most cases they believe on what sales person says. You should check for the interest rate, repayment terms and also APR rate. After all these things it is also important to verify that if any other plan is included with the loan or not. It has been noticed that several lenders sell payment protection insurance (PPI) along with lending financial product as a compulsory product. However, selling of single premiums has already been banned since 2009 but still other PPI plans are available in financial market. If you are in United Kingdom then it is necessary for you to verify such things while borrowing personal loans. PPI plans like products come under controversial selling. Personal loans interest rate may fluctuate depending upon the credit score of lender. If you have poor credit score then surely you will get loan with high interest rate and vice versa. Some lenders provide personal loans with a consigner in case of unsecured loans. Now repayment is important part of these loans. You will be asked to repay the amount monthly basis. You will need to make monthly payments for specific period required to clear off the loans. In general situation, it will be for five years. Lenders provide legitimate insurance plans along with these loans for payment security. Plan of PPI claims will cover payments in case of redundancy or sickness. However, it has been noticed that most of the time such plans sold with controversial terms. It was sold to even those persons who are already getting sickness coverage or government employees. Lenders also sell these plans to self employed, retired and unemployed who are not eligible to get coverage through the plan. Borrowers are making unnecessary payments for premiums. If you have borrowed loans or mortgages in last few years then it is quite possible that you have also made unnecessary payments as PPI premiums. You can file PPI
claim for refunds. In order o complete the process successfully; take help of third party PPI management firm. Get compensation for wrongly sold payment protection insurance plan.
Published on Jun 26, 2012
FOS has worked in favor of consumers. Above 68% of PPI claim cases gets solved in favor of consumers at the end of 2011. However, that was m...