Essentially Home Loans Weblog

As many as 10  banks and lending companies will receive fines of as much as £1million for mis-selling of payment protection insurance (PPI) policies.
The Financial Service Authority’s (FSA) enforcement division will issue fines to banks for failing to provide appropriate information when selling PPIs to their clients.
One major infraction has been selling a PPI policy [...]

The financial industry is inundated with new companies that are profiting from consumers’ hard luck.  The PPI (loan Payment Protection Insurance) industry is no different.
Many companies have popped up, promising to help consumers settle their PPI claims.
Claims firms, including Conkers and Oasis Financial, work on a no-win, no fee basis. They charge a fee of [...]

The government is set to review Payment Protection Insurance (PPI) later this year. Partly, based on allegations from the Office of Fair Trading (OFT)and a combination of charity and financial watchdog groups.
Many consumers are already cashing in their PPI and doing without insurance or obtaining lifestyle insurance.
Post Office Head of Communications, Claire Oldstein, said: “People [...]

In the midst of the heated war between IVA companies and Banks, consumers and consumer advocate groups are rising their own concerns.  One group that is attracting media attention are those who are feeling ‘duped’ when they apply for a personal loan.
Statistics show that consumers on low incomes are falling prey to misleading sales tactics [...]

The Office of Fair Trading (OFT) has said that it intends to refer the UK payment protection insurance (PPI) market to the Competition Commission. It has published a market analysis prior to making a decision early next year. Chief executive John Fingleton said: ‘Following the work we have undertaken it is clear that many consumers [...]