Loans 2 You Blog

PPI was it really missold?

Posted By Admin ,
Tuesday, 18 May 2010

We happenned to have the radio on in the office today and Jeremy Vines’ guest was money expert Martyn Lewis getting very excited about as he put it PPI Misselling.

PPI or payment protection insurance is offered to customers taking out personal loans, finance and mortgages. Should you unfortuantely be made redundant, have an accident or become to sick to work the insurance is there to make your payments for you.

Whilst the FSA quite rightly have rules in place that clearly state that such policies must be optional, surely they’re not a bad thing? However anyone listening to the rant on the subject from Mr Lewis today would probably decline the option to take it out assuming it was a rip off.

It can only have been missold if you didn’t agree to take it out, then found it had been added anyway. And that’s it simple! Martyn Lewis has produced template letters that can then be sent to the companies concerned demanding the money be refunded. Here’s a link to his website taking you to the appropriate page:

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Now Mr Lewis may have a valid point about all of this but what concerns us is that this kind of negative publicity may result in people taking out loans, mortgages and finance without any cover. Fine, but it’s doubtfull Martyn Lewis, Jeremy Vine or the BBC would be offering to make your repayments for you should you be unable to do so.

What are your experiences of PPI? Have you ever had to claim? and did it cover you as promised?

What do you do if you can’t get a bank account?

Posted By Admin ,
Tuesday, 18 May 2010

This may not actually sound like much of a problem, however these days trying to run your life without a bank account to pay direct debits for bills etc is not easy. Most companies offer a small discount for customers who pay this way, without a bank account you’re missing these advantages. You may even find some companies only offer this payment option, e.g: mobile phone contracts.

Many employers would expect you to have an account into which they could pay your salary, not having an account means getting a cheque which you’d then need to get cashed somewhere, again costing yourself money.

There’s also no better way to establish or re-establish your credit rating than to have a well managed bank account. Of course if you’ve experienced very recent credit problems you’re not going to get a loan right away but you have to start somewhere.

If you’re your bank account application is declined you may feel it’s not worth trying anywhere else, however we’ve found a company that can assist you, take a look: Click here to apply even if you are currently within an IVA or are bankrupt! This UK company can help you. They’re also offering a number of other useful accounts they can arrange to open for you including a guaranteed Swiss or Cyprus based account with no credit checks.

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