Payment protection insurance (PPI) has been mis-sold to thousands of UK consumers.
Many firms have sold this insurance as a “single premium policy” which means that the cost of the insurance is added onto the total amount of the loan so that the consumer pays interest on the insurance premium as well as the loan amount. This is so close to being fraud as to make no difference at all and consumers need to on their guard against this type of pressure sale. It is very easy to be encouraged to protect yourself in case you become unable to meet your financial obligations, but it is your responsibility to research the various types of insurance available and do not let yourself be pressured into a rider on your policy that you do not really need. A Payment protection insurance policy can be a valuable asset in certain circumstances, but it is imperative that anyone considering this insurance be well versed before purchasing it.
For More Information On PPI Go to PPI Freedom