Loan Protection Still Under Scrutiny With Over 4 000 Payment Protection Policies In 2007 Being Investigated

Loan Protection Still Under Scrutiny With Over 4 000 Payment Protection
Policies In 2007 Being Investigated

Loan Protection Still Under Scrutiny With Over 4,​000 Payment Protection Policies in​ 2018 Being Investigated
The headline is​ correct .​
Even though guidelines have been set out by the​ Financial Services Authority (FSA) since it​ began investigating the​ sector in​ 2018,​ the​ mis-selling of​ payment protection insurance (PPI) is​ still occurring as​ over 4,​000 cases have been investigated in​ 2018 .​
The worst however is​ the​ fact that this figure is​ double that of​ the​ year before which of​ course does nothing to​ restore the​ lost faith in​ the​ products .​
This is​ saddening,​ as​ loan protection,​ sold correctly,​ can be a​ very valuable product.
Many forget the​ real problem behind the​ mis-selling and blame such as​ loan protection for not doing the​ job it​ is​ designed to​ do .​
However it​ is​ those who sell the​ cover without the​ proper training who are at​ fault,​ not the​ cover .​
When bought correctly from an​ independent specialist provider it​ can work .​
Having access to​ the​ key facts is​ the​ key behind a​ policy that works,​ exclusions are what stop consumers from being able to​ claim and common ones include being retired,​ suffering a​ pre-existing illness or​ working part time .​
Of course there can be others and you​ can only know about them if​ you​ read the​ small print of​ a​ policy.
Loan payment protection insurance cover can give you​ tax free monthly income if​ you​ were to​ come out of​ work due to​ suffering from an​ accident,​ were to​ be sick and not able to​ work or​ if​ you​ were to​ be made unemployed by such as​ redundancy .​
The majority of​ policies begin to​ payout from between the​ 31st day and the​ 90th day of​ being out of​ work continually .​
Cover would then continue to​ give you​ a​ tax free income for between 12 and 24 months depending on​ the​ provider .​
Again,​ read the​ key facts to​ determine the​ policy terms and conditions .​

Loan payment protection insurance will give you​ the​ money needed to​ be able to​ continue meeting your loan repayments each month without the​ worry of​ where to​ get the​ money .​
It will also keep you​ from getting into debt if​ you​ fall behind on​ your repayments or​ even worse .​
Although many problems do exist within the​ sector if​ you​ go to​ a​ standalone specialist provider for the​ cover then you​ can be sure of​ getting a​ quality product which is​ backed by experience in​ selling the​ cover and honest advice .​
Not only can you​ be sure of​ getting the​ essential advice needed to​ be able to​ make an​ informed decision regarding the​ exclusions but you​ will also get a​ policy for the​ cheapest premiums possible .​
If you​ want the​ peace of​ mind that loan protection can bring you​ have to​ read the​ small print of​ any policy you​ are considering taking out and never be tempted to​ take the​ cover that is​ offered at​ the​ time of​ taking out the​ loan .​
When taking out the​ loan always make sure that the​ cover has not been included into the​ cost of​ the​ borrowing as​ some greedy providers will add it​ on​ without the​ consumer really being aware.

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