There is always a fear that once you have taken out a loan you will not be able to make the repayments, whether it is an auto loan, a mortgage loan or even a personal loan. Needless to say, if the loan is secured you also have the added worry of losing the ‘security’ (asset, property, etc.) that is backing the loan. Personal loans can be amongst the most worrying because of the fact that the interest rate is often quite high in comparison to other types of loans. This is how lenders find an open door to mis sell payment protection insurance to unsuspecting applicants and why there are so many who find themselves making a mis sold personal loan insurance claim down the road.
Lenders Use Fear to Mis Sell PPI
If you have found that the lender used fear as a tactic to sell you payment protection insurance and that you really wouldn’t have purchased insurance cover if you hadn’t been virtually ‘forced’ to do so, then you have the option to file a personal loan insurance claim for a refund of premiums and interest paid on that mis sold policy. Perhaps you were told that you wouldn’t qualify for the loan if you didn’t carry PPI or that your chances of qualifying for a larger loan would increase with the addition of repayment insurance. Neither of these is true nor are they legal, so you have an excellent opportunity to file a ppi claim.
Show Them You Can’t Be Bullied
One thing you cannot afford to do is allow a lender to bully you into paying for something that is extremely expensive and not required by UK law. The best way to put an end to something a grievous as mis sold PPI is to file a claim to get a full refund of your hard earned money. If you find that you don’t know where to begin filing a personal loan insurance claim, there are claims management companies that can help you file a claim so that you can reclaim all that money you should never have spent.