The Credit Card Debt Loophole

Swinton Fined For Mis-Selling PPI’s

So far the following companies have all been fined for mis-selling Payment Protection Insurance Plans: Swinton Alliance & Leicester Building Society Egg Liverpool Victoria Recently Swinton were fined £770,000 for "inappropriate selling" of PPI and ordered to refund 480,000 customers. The Financial Services Authority (FSA) came to an agreement with the Insurer on what action they must take late last week. Swinton customers can therefore expect to receive some PPI compensati...

PPI Still Has One Supporter!

If you polled the British public on their opinion of Payment Protection Insurance (PPI), the would probably be a 50/50 split. Half would probably never have heard of a PPI before and the other half would say they aren't worth the paper they are written on. One thing’s for certain, no-one would sing the praises the insurance cover, unless of course one of the people you asked was Tony Byrne, managing director of IFA Wealth and Tax Management. Unsurprisingly, he isn’t thinking about all the PPI...

Why was Payment Protection Insurance sold?

Payment Protection Insurance (PPI) according to many leading financial experts is a scam, it’s been mis-sold, mis-placed and mis-trusted - but why did the banks, lenders and providers sell it in the first place? This could be the answer: When you took out a PPI policy with a borrowing, be it a mortgage, credit card or loan; the sales person typically received 50 to 80% commission based on your initial premium. So you can imagine they were eager to convince you that you needed it! According to...