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News

Missold Payment Protection Causes Sales to Drop in UK Despite Rising Abroad

When the people of Britain hear the term ‘Payment Protection Insurance’, it is immediately greeted by negative thoughts and anger directed at the banks and lenders. But while sales of PPI have plummeted here due to the amount of missold payment protection, the cover is proving to be a popular investment in Europe while customers look to get through the turbulent economic conditions.

Banks in the UK are currently paying out millions of pounds in compensation for misselling payment protection insurance after increasing numbers of solicitors and individuals became aware of the unnecessary – and unlawful – payments being made to the lenders.

Customers in Britain have been sold the insurance cover in the small print of their loans to cover repayments without asking or opting for it. In Europe, however, people can’t seem to get enough of it. According to a recent survey conducted across 20 European countries by Finaccord, loan and credit card payment protection insurance were worth a combined €10.8billion in gross premiums last year.

In contrast, the UK market went down from €3.6billion in 2007 to €850million in 2011 with banks opting to remove the cover from their policies.

“The gravy train in the UK is over” according to Alan Leach from Finaccord. While regulatory intervention has called time on the PPI-era in the UK, regulators in Europe have taken a different approach. As Leach says in the report, “In France the regulator has adjusted market practice but not taken action that might stamp the product out. French banks must clearly and explicitly inform borrowers that they may obtain PPI from a third party of their own if they so wish.”

To find out more information about missold PPI and how to make a claim if you think you have been paying out money to lenders that you haven’t asked for, contact us at Creditline Financial and we’ll help you with your claim.

Posted by Chris White on 10 Feb 2012

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