What are loans?
Loans, as most people know loans are essentially a lendor passing you money, cash, investment to spend as part of a substantial acquisition like a home improvement, car or other type of acquisition.
Lendors generally add a substantial repayment charge on top of loans, typically just above the bank of england base rate. Loans are available to those who have a good enough credit history to meet the lendors criteria, this usually involves your past history and ability to meet the payments.
What is PPI?
PPI is an insurance that was mis sold by lots of banks and financial services companies. They were found to have mis sold it by the fsa and the fsa told them they would have to pay back any money they took, if someone complained.
Payment Protection Insurance
Along came a company that thought they would help lots of customers by finding them and seeing if they had got ppi on their loans and credit cards. The company ask the customer lots of questions about the ppi and if it was mis sold. A claims company will then send off the complaint to the bank and see if the ppi is on a loan or credit card. If the loan or credit card has ppi then a claims company will send a letter to the loan or credit card company and ask for the money back through a complaint.
The loan or credit card company will say that they did not mis sell the ppi on the loan or credit card. Claims companies can then send the complaint to the FOS and ask them to make the credit card or loan company pay the customer for the ppi that they should not have been sold.
The loan or credit card company will pay the mis sold ppi to the customer who will then pay a claims management and say “thank you very much for getting me my ppi back”.
So if you have ppi on a loan or credit card , or have had a loan or credit card you should get in touch with a claims management company who specialise in PPI claims and get them to perform a free check to see if you have had missold ppi on these loans or credit cards.
Ppi is a bad product that was sold to purely make profit for the banks or financial services companies and the policies would never pay out !!!!