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Mis Sold PPI on Personal Loans

Many consumers usually won't take out a personal loan unless there is some dire need for extra cash such as an emergency expense which just can't be met any other way. The reason for this is purely economic. Personal loans, even for those with good credit, are not usually secured loans, which means that the lender carries a greater amount of risk. As a result, interest percentage is often higher. If you have had the misfortune of taking out a personal loan with mis sold PPI on personal loans then the only way to right the wrong is to file a payment protection claim.

How Mis Sold PPI on Personal Loans Got By You

Most consumers are pretty savvy these days but unfortunately, in the past particularly, some sales people were even more so. After all, it is their business to keep track of financial matters and what makes people want to borrow and spend money. Some salespeople knew that people who want to take out personal loans must have a pretty good reason for doing so and some took advantage of that vulnerability. Some convinced customers they wouldn't qualify for a loan in any other way. Consumers beware! It is your credit score/history which qualifies you for a personal loan and it is wrong to tell you that you must purchase payment protection insurance to qualify!

Another Common Way PPI is Mis Sold

Another common way customers were mis sold PPI on personal loans was  not tell the customer what the cover was and tack it on inconspicuously. Some borrowers have even told of how they asked what that charge was on the closing statement and the lender said Oh, that's just routine protection in case you ever can't make payments. Take heart however that if you were mis sold PPI on a personal loan you are entitled to claim back your money!

Although the past few months have been frustrating as lenders have been appealing UK legislation in regards to PPI teh high court has ruled in favour of the consumer.  Unfortunately, because some banks put claims on hold while the decision was pending a ruling on their appeals there is now a backlog of claims to be reviewed. If you feel that you have been mis sold PPI on personal loans then you can contact a professional claims company on 0207 471 2000 to help you file your claim or to just give you more informatopm. In any case, getting your money back starts by filing a claim with the lender who mis sold you PPI.

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