What is Loan PPI? It is a product designed to cover your loan repayments in the event that you are unable to pay back the personal or secured loan. It usually provides cover if you become seriously ill and are unable to work, or if you are unexpectedly unemployed and made redundant. It can be described in many ways to customers such as ‘loan cover’, ‘loan Insurance’ or as offering you a ‘fully protected loan’. It may be shown on a loan agreement as ‘Loan Protect’, ‘Loan Guard’ or ‘Gold Cover Insurance’. What are the advantages? For those who are borrowing for the first time or who wish to increase their debt, there is always the uncertainty that should circumstances change will future loan repayments, secured or otherwise be met? Payment Protection Insurance (PPI) products, in principle, are designed to reassure borrowers that should certain life changing events as described above occur; their loan payments will be covered for them. What are the disadvantages? There are always pros and cons when taking insurance products; however, taking out loan payment protection insurance from some providers can be almost as expensive as the loan itself. Many customers who were sold PPI would never be able to claim on the policy due to small print and policy exclusions they weren’t made aware of. These companies are just a few of the ones which have been fined by the FSA for the mis-selling of PPI policies:- 1.   Alliance and Leicester fined £7 Million 2.   HFC Bank fined over £1 Million 3.   Liverpool Victoria fined £840,000 4.   Egg fined £721,000 5.   GE Capital Bank fined £610,000 6.   Loans.co.uk fined £455,000 7.   Capital One Bank fined £175,000 This type of insurance has been widely mis-sold and you may not even know you have it. Click to our Why Claim or Submit your Claim Credit Agreement Ltd is regulated by the Ministry of Justice in respect of regulated claims management activities (CRM13151) Mrs Shave Basildon Essex - £22,101.48 Ms Robinson Clitheroe Lancashire - £3,998.37 Mr & Mrs Russell Northampton Northants - £11,706.21 Mr & Mrs Dalgity Livingston West Lothian - £16,107.23 Ms Hughes Stockport Cheshire - £2,712.89 Home | About Credit Agreement Ltd | What is PPI | Why Claim PPI | Can I make a Claim | Loans PPI | Credit Card PPI Claim Now | Personal Injury | Care Home Claims | Testimonials | Contact Us | Introducers Credit Agreement Ltd - Company number is 6583669 Registered in England & Wales. Credit Agreement Ltd is regulated by the Ministry of Justice in respect of regulated claims management activities (CRM13151) . The registration is recorded on the website www.claimsregualtion gov.uk. Credit Agreement Ltd, Ribble House, Ribble Business Park, Philips Road, Blackburn, Lancashire, BB1 5RB  TEL : 0845 371 0703  FAX : 0845 371 0705. info@creditagreement.co.uk | Privacy | Complaints | Terms and Conditions | Site Map