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The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.
Personal loans' insurance overhaul
Published: 13/07/2007 |
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Due to payment protection insurance no longer being seen as a necessity for customers who purchase personal loans online, individuals can now expect to see cheaper deals as a result. Paymentcare.co.uk, the independent payment protection insurance provider, has stated that due to the Financial Services Authority (FSA) changing its rules on how the insurance is sold, customers could now be better off. Prior to the FSA's intervention, payment protection insurance would more often than not be included automatically when buying on the internet but this was deemed 'unfair' by the authority. Commenting on the change for personal loans providers, Shane Craig, managing director of Paymentcare, remarked: "This is excellent news for consumers and yet another step in the right direction towards ensuring they receive the fair treatment they expect and deserve." Summing up the FSA's stance on the matter, Vernon Everitt, FSA director of retail themes remarked: "Naturally, many customers are focussed on getting the loan itself, but it is just as important that they also think about whether or not they want to protect their loan repayments by taking out payment protection insurance cover."  © Adfero Ltd
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