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My lenders have added the payment protection to the loan amount which means I am paying interest on it. Is this right?
I took a loan out for £10,000 and was told that I needed payment protection. I was dismayed to discover that the payment protection amount of £2,500 was added to my loan so I will be paying interest on it for seven years. Are they right in adding them together?
This should have been properly disclosed and proabably renders your agreement unenforcable and entitles you to a refund of all interest payments to date.
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