Lloyds Banking Group-STOPS SELLING PPI

Lloyds banking group which includes Lloyds, Halifax, C & G and Bank of Scotland have stopped selling PPI.

At last they have caved in to the pressure (and the claims for compensation). They have said in their press release that "existing policies" will remain in force-we will continue to do our best to have them cancelled and compensation paid.

This insurance has been mis-sold for years and worth up to £5bn a year for the lending industry.

Lets hope the other banks will quickly follow Lloyds and stop selling it.

Links to obtain credit files

These links allow you to obtain your file for £2 rather than signing up for more expensive ways of obtaining them.

Equifax    

http://experian.metafaq.com/resources/experian/Downloads/standardAppdec08.pdf

Experian https://www.econsumer.equifax.co.uk/consumer/uk/uib/images/EFX_UK/en_GB/your%20equifax%20credit%20file%2012-07.pdf

Call Credit

http://www.callcredit.co.uk/files/creditfile-app.pdf

Wrong Claim Settlements

During June 2010 in excess of 90% of offers sent to us by lenders to settle claims were incorrect, and in all cases except one the offer was less than it should have been !.

Its vital that all offers are checked by someone who is familiar with these types of calculation before accepting an offer or banking a cheque.

PPI set to be Banned

Plans to restrict the sale of the controversial payment protection insurance (PPI) look set to go ahead.

The Competition Commission wants to ban PPI being sold at the time loans are granted.

It said customers would benefit from being given time to find more appropriate and better-value cover.

PPI is supposed to enable borrowers to pay off loans such as credit card bills or mortgages if they fall ill or lose their job.

The commission's decision is still provisional and open to final consultation - with a final verdict to be published in July.

Plans to restrict PPI sales were first proposed in January 2009. However, after an objection by Barclays, the Competition Appeal Tribunal asked the commission to review the plans - especially whether they would inconvenience customers who could not buy PPI at the same time as taking out a loan.