Goodbye to Expensive Payment Protection Insurance
For years the banks and loan providers have raked in high profits by selling Payment Protection Insurance to clients whilst the clients were taking out loans. The problem has been that the insurance has not always been properly explained to the client so many have found that if they claim, there’s some clause that rules their claim invalid. On other occasions, the bank has not made it clear that the insurance is optional or has not clearly spelt out the true cost of the insurance.
All this has got the Competition Commission and the Financial Services Authority very hot under the collar.
The Commission recently published its findings of its enquiry into the Payment Protection market, worth some
For years the banks and loan providers have raked in high profits by selling Payment Protection Insurance to clients whilst the clients were taking out loans The problem has been that the insurance has not always been properly explained to the client so many have found that if they claim, there’s some clause that rules their claim invalid
