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Restrictions Placed on PPI Sales to Help Consumers
Following the press coverage that mis-sold payment protection insurance (PPI) consumers have gained over the past few months, the Competition Commission will put a new legislation in place to restrict the sale of PPI when clients choose to obtain finance from banks.
The ruling works in favour of thousands of consumers who are considering taking out payment protection insurance along with mortgages, credit cards and loans. “Many consumers are unaware that they are taking out PPI at the time of the finance consultation” explains PPI refund expert and general business manager for leading PPI claims specialist Payment Protection Refunds Mark Jackson. “The new legislation will allow consumers to shop around for their PPI, avoiding mis-selling and law suits to claim back PPI”.
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In the Know on PPI with Payment Protection Refunds
Many users have sadly been unable to avoid the trap of a high-interest and sometimes unnecessary payment protection insurance (PPI) policy and Payment Protection Refunds, the experts in handling your PPI claim bring consumers the ins and outs of how to take out an accurate policy and avoid being mis-sold insurance on loans and credit cards.
What is PPI?
PPI is an insurance policy often taken out with a lender to cover repayments of loans, credit cards, mortgages and cars on finance in case of emergency and clients are unable to pay their debts. Each policy varies significantly from lender to lender, and what some clients don’t know is that PPI policies can be taken out with separate insurance companies, usually with a lower interest rate: saving client’s money in the long run and avoiding a PPI reclaim.
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The reason why Claims management companies will not do PPI Compensation Claims if your are in an IVA
Technically the answer to this is YES however there is a big BUT that you should know about.
When you enter into an IVA (Individual Voluntary Arrangement) you would have had to do an income and outgoings statement to see what your current disposable income is. The lenders will then agree to monthly payments over 5 years based on this disposable income. The lenders will then calculate how much of your debt would be repaid over this 5 year period and then wipe out the remainder of the debt (upto 75%) on the face of it this is great, you get debt free in 5 years and may only pay back 25% of the original debt.
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