Welcome
to the issue 21 of the weekly Polar Money Tips
newsletter. This week we look at the miss-selling
of payment protection insurance and we reveal
the mystery behind loans with the launch of a
free guide.
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The £5bn payment protection
insurance racket |
 |
|  The
Citizens Advice Bureau recently slammed
the selling of payment protection insurance
by banks, calling it a £5 billion
"racket". The charity presented
a "super complaint" to the
Office of Fair Trading (OFT) over the
selling of this insurance, which may
lead to a government inquiry into the
issue.
Payment
protection insurance is
designed to service loan repayments
in case the borrower's circumstances
change - such as due to redundancy or
sickness - and they are unable to meet
payments. However, since the beginning
of the year, more and more independent
bodies – such as the Citizen’s
Advice Bureau – are damning the
cover.
Earlier
this year, the consumer association
Which? said payment protection insurance
was "expensive, giving limited
cover, and can be useless for the self-employed
or those on contracts".
Simon
Burgess, Managing Director of protection
insurance specialists Burgesses
(add link here) agrees, saying "(Recent
research shows) that banks continue
to profiteer from selling this product
and that people are paying a heavy price
for failing to shop around. They are
succumbing to underhand tactics often
used by banks, which include adding
the cost of cover to the loan without
necessarily telling people they have
done so."
Burgess suggests that looking elsewhere
for payment
protection insurance will
help to avoid being sold an unsuitable
policy. Loan protection is, for example,
of limited use for self-employed people
because they are unable to claim for
redundancy.
When
buying a loan, always check carefully
before you sign an agreement that loan
protection insurance has not been included
in the cost of the loan without you
realising it. If it has been included,
then make sure you understand exactly
what you are covered for and how much
it is going to cost.
And
remember, if you discover you have been
mis-sold a policy, you can complain
to the company and potentially have
a case to take to the Financial Ombudsman
Service.
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|
MONEY
SAVING SNIPPET – keep your Wedding
costs down … |
|
Free
guide takes the mystery out of loans |
|
|  If you are
considering taking out a loan, no doubt
you may be confused as to what the different
loan types mean (Secured? Debt consolidation?
etc) or wondered why rates differ so
wildly among the different companies.
Loans
are confusing yet all the advertisements
on the television and in the newspapers
expect you to understand them, throwing
different jargon and financial terms
at you like there is no tomorrow!
Also,
there may be other concerns and questions
you have, such as: understanding how
the loan application process works;
what credit scoring is and how it can
affect you and any financial application;
what financial protection you have when
taking out a loan; why, if you are tenant,
no one will give you a loan? etc
Ultimately,
the biggest question you will have is
– which loan is right for me?
We
understand that taking out a loan is
huge financial commitment and one that
you won’t want to leap in to feet
first, and that is why we have launched
our free downloadable guide, to help
you see the wood for the trees!
Entitled
The Polar Loans Guide to Secured Loans,
the guide looks at all types of loans
(such as secured and unsecured) from
the ground up, dealing with the concerns
and worries you may have over taking
a loan, thereby giving you a full and
rich understanding as to how they work.
This
will ultimately help you decide which
loan – if any – is right
for you, your circumstances and your
budget.
The
free guide can be downloaded by clicking
here
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|
| Tell Us What You Think |
|
| We would love to hear what you think of this issue of Polar
Money Tips. And of course,
if you have any suggestions for upcoming
issues that you'd like to share with
us, please send those, too!
Just e-mail me at: moneytips@polarloans.co.uk
PLEASE DO NOT RESPOND TO THIS EMAIL!
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here |
In
This Issue:
- The
£5bn payment protection insurance racket
- Save
up to 90% on your home telephone calls!
- MONEY
SAVING SNIPPET
- Free
guide takes the mystery out of loans
Polar
Services
PolarLoans
Polar
Mortgages
Polar
Insurance
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If you - or one of your children – are getting
married, bring catering costs down by
asking people to forego wedding gifts
in favour of bringing a dish, then serve
buffet style. (