Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
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This is title of article in todays Glasgow Herald in Business/Personal Finance section by Simon Bain(simonbain@theherald.co.uk).
Banks can continue to make bumper profits from overpriced payemnt protection insurance (PPI) for up to another two years but consumers can take action more quickly than that to avoid being ripped off. Last week the OFT and FSA finally signalled that buyers on the high street were not only being mis-sold but being ripped off. The real cost of PPI is a fraction of what the banks are selling it for. PPI is pushed as an automatic ad-on to mortgages, credit cards and loans supposedly to cover payemenst missed due to accident, sickness or unemployment. It makes banks up to 20% of their profits annually. A typical five year £10,000 loan may cost only 6.&% from market leader BOS, but add on banks PPI and total cost balloon this to 21.1%.
Even if issue is now referred to OFTnow, it would be two more years before anything could be done about it.
The managing director of Britishinsurance.com says' Until the OFT produces, consumers in their thousands will continue to get a raw deal from amarket which should be their last line of defence.'
The salesmans trick of quoting it inclusively in the loan cost means the consumer has to opt out, having already agreed he could afford the premium. That premium is themn charged up front instead of being deducted monthly, which means extra interest is being paid on the premium. If the policy is cancelled or paid off early, there are hefty penalties. Examples
Cover per £100 for 30 year old
British Insurance £2.15
Post office £4.50 Abbey £23.72
RBOS £25.65 Loan Protection Insurance for 30 year old
British Insurance £2.15
Abbey £23.72
Direct Line £25.38 MORTGAGE Provider
British Insurance £2.15
Post Office £4.50
Abbey £6.04
Given you some examples form qoyted lists. My examples arenot meant to draw any comparison positively or negatively against any provider, burt merely to outline the differences between providers. Thius article is aposite, because when I received my statements from MBNA, there were monthly insurance charges, which do not applyto me because as pensioner i dont expect to be made redundant or lose my income that i had spent a life earning.
Two more years of PPI 'rip-off'
, but add on banks PPI and total cost balloon this to 21.1%.
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