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News

Payment Protection 'Will Be Lowered'

New research by the complaints commission has revealed that the cost of payment protection will be significantly lowered as a result of the recent point-of-sale ban that was enforced by the Financial Services Authority.

Missold payment protection has generated large amounts of controversy in recent months as a result of revelations that banks and insurance companies had been selling the policy to many people who would be unable to claim from it, such as the self-employed.

The Competition Commission had initially recommended that the product be banned at point-of-sale as a result that missold payment protection was usually offered alongside other loans such as mortgages and credit cards. With this idea being upheld by the FSA, consumers are now given the option to shop around and find the cheapest prices for PPI if they still wish to purchase it.

PPI law and rules initially confused many consumers, as many had been unaware that they had even purchased the over-priced policy, which sometimes added up to 40% onto the price of the initial mortgages or loans that the customer was taking out.

Speaking on behalf of the CC, their deputy chairman Peter Davis stated proudly that the ban had meant that customers would ‘benefit significantly from the market reforms’ regarding payment protection.

Payment protection itself actually offers cover on credit repayments should the borrower be unable to meet them as a result of an accident or unemployment. Whilst not necessarily a bad idea in itself, PPI has gained a bad reputation as a result of the irresponsible actions of the financial institutions who sold it.

For more information on PPI law and rules, and for how you could claim back up to £15,000 in missold payment protection, contact Creditline Financial now by filling in our contact form here.

Posted by Shaun Edwards on 19 Oct 2010

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