Understanding loan payment cover
- 15TH JULY 2007
With the ongoing investigation into loan payment cover and the payment protection insurance sector as a whole by the Competition Commission still to reach a conclusion, it is now more than ever essential that you understand how loan payment cover works and what your choices are when it comes to taking out the cover.
The majority of lenders don’t make it easy when it comes to understanding loan payment cover, there are many hidden exclusions in polices. This of course is just one of the major problems that the Financial Services Authority, who are looking at the sector as well, has been looking into and which has highlighted how many consumers are being mis-sold their policy.
Loan payment cover is taken out if you have loan repayments to meet each month, so that if you come out of work due to an accident, illness or unemployment, then loan payment cover provides you with a tax-free monthly sum of money to cover the repayments of the loan.
Despite the fact that the lender wants the consumer to believe they have to take the cover alongside their loan, this is far from true. Consumers can shop around for the best deal on loan payment cover and this is the best way to get the cheapest premiums. British Insurance can help you to save as much as 80% on you premium while providing you with a quality product.
British Insurance is a standalone payment protection provider and is backed by the very outspoken Simon Burgess. Simon is considered to be a “good guy” in the sector and regularly voices his opinion when it comes to the consumer getting ripped-off with high price and poor quality products.
