The Competition Commission have announced that the sale of PPI alongside credit agreements will be banned in 2010. This move will ensure that millions of consumers will avoid being mis sold PPI as part of a financial product purchase.
Financial institutions will still be able to sell the cover and the Commission has halved the time they must wait before they can contact consumers to sell the cover, from 14 days to seven days.
There are many victims with a PPI claim who’ll be pleased to hear that the sale of single premium PPI policies will also be banned. These involve the cost for the entire term of the policy being paid upfront and usually added to the debt being taken out.
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