According to recent reports the PPI ban that has recently been announced by authorities will result in further spikes to loan rates, which many industry officials have said are already spiralling despite the all time low base interest rates, which stands at just 0.5 percent. (more…)
Posts Tagged ‘payment protection insurance’
PPI ban sees spike in loan rates
Friday, May 15th, 2009
Banks could be named and shamed over PPI complaints
Tuesday, April 28th, 2009Later this year the Financial Ombudsman Service is set to announce individual figures for banks and financial institutions with regards to the level of complaints each ash received about PPI or Payment Protection Insurance. (more…)
Increase in complaints about loan insurance
Tuesday, April 14th, 2009Official figures that have been released by the Financial Ombudsman Service have shown that the level of complaints relating to loan insurance in the UK have been shooting up. (more…)
Single premium PPI to be stopped soon
Friday, April 3rd, 2009Lenders and PPI providers have been told by regulators that they will have to stop selling the highly controversial single premium PPI, or payment protection insurance, over the coming months, and providers have now been given a deadline by which they must have ceased selling this type of insurance cover. (more…)
PPI with loans to be banned
Friday, March 13th, 2009Officials from the Competition Commission have recently confirmed that the sale of the controversial insurance cover known as Payment Protection Insurance or PPI is to be banned in 2010. (more…)
Is now the time to take out PPI?
Wednesday, December 10th, 2008The subject of PPI, or Payment Protection Insurance, has been a controversial one for the past couple of years, with a huge amount of controversy relating to the mis-selling or this cover, and financial authorities really clamping down on lenders and providers that are found to be breaching guidelines relating to PPI sales. The bad press has resulted in more people either deciding not to take out this cover over the past couple of years, or has resulted in fewer policies being taken out because of reduced pressure from lenders and providers who are aware of the crackdown by authorities such as the Financial Services Authority. (more…)
Should you consider payment protection insurance?
Monday, March 17th, 2008For the last couple of years payment protection insurance, known simply as PPI, has hit the financial headlines on a number of occasions, and this is because of a number of problems that regulators have picked up on with regards the both the sale and the effectiveness of this cover. PPI is a type of cover that is designed to cover your repayments on a loan or other form of finance for a set period of time in the event that you cannot meet the repayments due to sickness, accident, or redundancy. The idea behind PPI is that having your repayments covered for a specified period will enable you to get back on your feet or get another job without the added worry of how to pay your debts. (more…)
Do You Need Credit Insurance?
Friday, March 16th, 2007Almost every time you apply for a loan or other form of credit, you are asked if you would like to purchase credit insurance. It my even be automatically added to your contract without you noticing. This is an insurance policy that guards you against the risk that you will not be able to meet your repayments. (more…)
Payment Protection Insurance: The True Cost
Friday, March 16th, 2007If you’re taking out a sizeable loan, the idea of payment protection may sound like a good idea. Programs such as these protect buyers in the event that they are unable to make payments on the loan due to events such as layoffs or medical emergencies. (more…)
Personal Loans Payment Protection
Saturday, January 6th, 2007If you have payment protection on any personal loans that you may have made, did you know that you could be paying upwards of £2000 on top of the original debt including the interest? Probably not because the lenders are playing a percentages game with you that includes giving you something in one hand and taking it back from the other, but only more. (more…)