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Consumers wanting to purchase payment protection insurance (PPI) should demand the details of any policy they are thinking of buying before agreeing to credit checks, claims a leading research company.
Lenders tend to be reluctant to provide details of their PPI policies until credit checks have been carried out, but this means that anyone who wants PPI must accept those terms, or seek a loan elsewhere – having been credit checked.
Brian Brown, associate director at Defaqto, condemned this practice: "Once you are credit checked if you find you don’t like the PPI terms you are left with the choice of taking the loan with it or not at all.
"If you decide to look elsewhere you have then left a credit footprint on your record.
"You should have the opportunity before you are credit checked to see the full PPI policy".
Source:
Getting Paid
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