Despite the fact that the Financial Services Authority (FSA) investigated the payment protection insurance (PPI) sector and set out guidelines which those selling the cover were to follow, over 4,000 cases of mis-selling are being investigated in 2007. While this fact alone is bad enough, the figure is twice that of the year before, giving consumers cause for concern when buying loan payment protection insurance.
It was hoped that mis-selling would cease following on from the FSA, Office of Fair Trading and Competition Commission investigations, but with the figure doubling it seems that much more has to be done if mis-selling is to end. The majority of mis-selling occurs with the high street lenders who sell the cover alongside their loans, putting huge profits ahead of the consumers best interests. Loan protection is a huge profit maker which rakes in over 4 billion a year and greedy high street lenders do not want to lose this profit margin.
A far better way to purchase loan payment protection insurance is to take out the cover with a standalone specialist provider. Always make sure when taking out a loan or credit card that the cover has not been included...
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