PPI or Payment Protection Insurance mostly comes with unsecured loans. Car loans come in top category of this kind of loans. A recent financial report reveals that millions of consumers have signed for PPI with car loans in the last six years. Interestingly, mis-sold PPI holders are a major part of these overall PPI consumers. Either these people obtained the policy unwillingly under compulsion or lenders imposed this policy on them without rendering them any specific information.
Most of the missold PPI holders claim that they have been unaware of their policies. Many of them ponder over to Reclaim PPI through www.MissoldPPI.co as they find this financial product unjust and expensive. Only 1/3rd of the total consumers are satisfied with their policies while the rest of them have been paying for missold covers years after years. Almost all policyholders know the fact that PPI is comparatively expensive. Furthermore, paying for an unwanted policy becomes unbearable especially when it is an expensive plan like PPI.
Along with the fact that innumerable people have been paying for PPI against their will, one can still save himself from accepting an unwanted cover. PPI is an optional financial policy. Even though the lenders mis-explain sometimes as this policy being obligatory with the loans, PPI is completely optional. One should not allow the lenders imposing this cover with the loan when he or she is confident of the repayment of the borrowing. Subsistence of a similar policy can also be a significant excuse for rejecting PPI while borrowing an auto loan.
Tags: budgeting, mis sold PPI, money, personal finance, ppi reclaim
Source: http://www.sudakiayakizim.org/finance/car-loans-and-mis-sold-ppi/
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