Triangle Finance Ppi

Triangle Finance and Payment Protection Insurance (PPI)

Triangle Finance, like many other lenders in the UK, offered Payment Protection Insurance (PPI) alongside their loans. PPI was designed to cover loan repayments if the borrower became unable to work due to illness, accident, or unemployment. The intention was to provide a safety net, ensuring borrowers wouldn’t default on their loans during difficult times.

However, widespread mis-selling of PPI occurred across the financial industry, including at Triangle Finance. Many customers were sold PPI without understanding what it was, how it worked, or whether they even needed it. Some were unaware they were even paying for it. This led to a massive wave of complaints and eventual payouts to affected customers.

Common Mis-selling Practices by Triangle Finance (and other lenders):

• Lack of Transparency: Not clearly explaining the terms and conditions of the PPI policy.
• Pressure Sales Tactics: Pressuring customers to take out PPI by implying it was necessary for loan approval.
• Unsuitable Policies: Selling PPI to individuals who were ineligible to claim, such as the self-employed, unemployed, or those with pre-existing medical conditions.
• Failure to Assess Affordability: Not properly assessing whether the customer could afford the additional cost of PPI.
• Concealed Commissions: Not disclosing the high commissions earned by the lender on PPI sales.

The Financial Conduct Authority (FCA) set a deadline of August 29, 2019, for PPI claims. This deadline was widely advertised to encourage people to check if they were mis-sold PPI. Many claims were submitted against Triangle Finance and other lenders leading up to this date.

If you had a loan with Triangle Finance:

While the official deadline for PPI claims has passed, there are still limited circumstances where you might be able to make a claim. This typically involves proving you were unaware you had PPI until after the deadline or presenting new evidence of mis-selling that was not previously available. However, these claims are more challenging to pursue and require strong justification.

Even if you believe you were mis-sold PPI by Triangle Finance, it’s important to note that filing a claim now is significantly more complex. You would need to demonstrate exceptional circumstances to warrant a review by the Financial Ombudsman Service (FOS), as most cases are now considered closed.

The PPI scandal had a significant impact on the financial industry, highlighting the importance of transparency and responsible lending practices. While the opportunity to easily reclaim mis-sold PPI has largely passed, the lessons learned continue to shape regulations and consumer protection efforts.