The Competition Commission confirmed it will bring into force new rules which ban Payment protection insurance being sold at the point of sale. Lenders will instead have to contact customers seven days after taking out the credit agreement.
Single premium PPI policies will be banned outright. This is usually where customers would be an upfront single payment for the policy.
It is also introducing a package of measures to boost competition in the market, including personal PPI quotes for consumers, annual statements on the cover and better information to make it easier for people to shop around and switch provider.
Many people are unaware that they paid for PPI as an upfront single payment at the time a loan was taken out. If you still haven’t made a claim or are unsure if you were sold PPI, we can help. Contact us on 0845 463 3806 or download one of our offer packs and we will do the rest.